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Chicago & Midwest  + Midwest  + Apartments  | 
Spaulding Group has acquired Fairway Glen Apartments in Monona, WI, near Madison

Berkadia Closes Sale of Madison-Area Apartments 

Berkadia closed the $10.3-million sale of Fairway Glen, a 56-unit, garden-style multifamily property in Monona, WI, near Madison. Managing director Ralph DePasquale, senior managing director Pete Evans and associate director Jack Maloney of Berkadia Chicago and senior director Richard Evans of Berkadia Milwaukee led the transaction on behalf of the Madison-based developer, 5001 Monona Drive LLC.  

The buyer was Wisconsin-based Spaulding Group. The property was 97% occupied at the time of sale. 

“Fairway Glen saw a tremendous amount of interest, given its attractive design, amenities and location,” said DePasquale. “The property is in a great location within the highly desirable Madison market, which has a very limited number of opportunities.” 

The property was built in 2014 and features a mix of studio, one-, two- and three-bedroom units, all with washer/dryers. Located along Monona Drive, the property affords convenient access to public and private transportation, abundant shopping and downtown Madison. 

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Berkadia's DePsquale

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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