Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Marcus & Millichap Arranges Sale of 40-Unit Milwaukee Multifamily
Marcus & Millichap brokered the sale of Kane Place Apartments, a 40-unit multifamily property in Milwaukee, Wisconsin. The property sold for $3.52 million, or $88,125 per unit.
“Given the seller’s 1031 exchange timeline, we implemented a highly targeted and proactive marketing strategy to quickly generate qualified interest and drive competition,” said Blake Hanlon, senior director of investments. “Through direct outreach and coordinated property tours, we were able to secure a buyer within weeks and go under contract at nearly the full asking price.”
Hanlon and Mark Peltin, investment specialists in Marcus & Millichap’s Milwaukee office, had the exclusive listing to market the property on behalf of the seller, local investors. Oaklander, LLC, purchased the property.
Built in 1896, the 17,510-square-foot property is situated on a 0.21-acre parcel and is fully leased with a unit mix of 30 studios and 10 one-bedroom apartments. The property benefits from its location in Milwaukee’s Lower East Side, within walking distance of the lakefront, downtown, and restaurants and bars.
