CBRE Arranges $30M Sale of Multifamily Portfolio in Madison

CBRE has arranged the sale of a two-property multifamily portfolio totaling 108 units in Madison. Back Nine Acquisitions, LLC, purchased the property from Flad Development & Investments for $29.95 million.

CBRE’s Gretchen Richards, Matson Holbrook and Sean Beuche represented the seller in the transaction. The portfolio includes The Tradition at Smoky’s Club, a 59-unit property located at 3007 University Ave., and The Whitney Reserve, a 49-unit property located at 5201 Old Middleton Road. Together, the properties include over 2,400 square feet of ground-floor retail space in Madison’s West submarket.

“Demand for high-quality multifamily properties in Madison remains strong, specifically for newly constructed properties in prime locations,” said Richards. “This portfolio drew in significant interest from both local and national investors due to the choice locale, discerning design decisions, and attentive management.”

The properties are located 1.4 miles apart, each situated near Madison’s Hilldale Shopping Center and offering convenient access to downtown Madison, the University of Wisconsin–Madison, and UW Health.

Join us for the Connect Midwest Multifamily conference on the afternoon of Tuesday, June 8, 2027, at Joe’s Live in Rosemont, Illinois.