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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.
- ◦Sale/Acquisition


