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Marcus & Millichap Inc.
10/09/2024 | Press release | Distributed by Public on 10/10/2024 10:05
Marcus & Millichap Arranges Sale of Platteville, Wisconsin Multifamily Property Portfolio
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Marcus & Millichap Arranges Sale of Platteville, Wisconsin Multifamily Property Portfolio
October 09, 2024
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PLATTEVILLE, Wis., Oct. 9, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a three-property, 29-unit multifamily property portfolio located in Platteville, Wisconsin. The property sold for $4,050,000, or $139,655 per unit.
"This deal was a win-win for both the buyer and the seller," said Patrick Suffield, senior associate. "The sellers were a couple that turned around a failing portfolio through substantial sweat equity to achieve a great profit. Meanwhile, the out-of-area buyer was able to use a 1031 exchange to transition from a smaller portfolio deal into this larger asset."
Suffield, investment specialist in Marcus & Millichap's Chicago Downtown office, marketed the property on behalf of the seller, and procured the buyer. Todd Lindblom, Broker of Record in Wisconsin, assisted in closing the transaction.
The portfolio comprises Pioneer Bluff, built in 1890 and located at 90 E. Gridley; Pioneer Ridge, built in 1997 at 880 Union St.; and Pioneer Court, also built in 1997 and situated at 830 Union St. The properties collectively feature 27 four-bedroom units and two two-bedroom units, with nearly all units in Pioneer Ridge being furnished. The portfolio is located in Platteville, the largest city in Grant County, Wisconsin, and home to the University of Wisconsin-Platteville.
"This deal was a win-win for both the buyer and the seller," said Patrick Suffield, senior associate. "The sellers were a couple that turned around a failing portfolio through substantial sweat equity to achieve a great profit. Meanwhile, the out-of-area buyer was able to use a 1031 exchange to transition from a smaller portfolio deal into this larger asset."
Suffield, investment specialist in Marcus & Millichap's Chicago Downtown office, marketed the property on behalf of the seller, and procured the buyer. Todd Lindblom, Broker of Record in Wisconsin, assisted in closing the transaction.
The portfolio comprises Pioneer Bluff, built in 1890 and located at 90 E. Gridley; Pioneer Ridge, built in 1997 at 880 Union St.; and Pioneer Court, also built in 1997 and situated at 830 Union St. The properties collectively feature 27 four-bedroom units and two two-bedroom units, with nearly all units in Pioneer Ridge being furnished. The portfolio is located in Platteville, the largest city in Grant County, Wisconsin, and home to the University of Wisconsin-Platteville.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.