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Madison Apartment Portfolio Draws Coast-to-Coast Buyer Interest
Northmarq brokered the sale of a four-property multifamily portfolio consisting of 1,288 units in Madison, WI. Terms of the sale were not disclosed.
Associate VP Alex Malzone, managing director Parker Stewart and VP Dominic Martinez of Northmarq’s Chicago/St. Louis investment sales team represented the seller, who was the original developer of The Monticello and Carolina Apartments as well as the long-term owner of Monona Lakeview and Country Meadows.
A Wisconsin-based investor purchased The Monticello, Carolina Apartments and Monona Lakeview (822 units) and a separate Chicago-based investor purchased Country Meadows (466 units).
“The scale of each asset, their exceptional locations, long-term family ownership, and high barrier to entry into Madison generated substantial interest from coast-to-coast, which resulted in more than 30 written offers,” said Malzone. “The aggressive bidding process exemplifies the continued vigorous demand for solid multifamily opportunities, even in the most volatile interest rate environment in decades.”
- ◦Sale/Acquisition
