CHICAGO and SAN FRANCISCO – June 29, 2018 – Berkadia today announced the sale and financing of Swan Creek Apartments, a 151-unit garden-style multifamily property in Fitchburg, Wisconsin. Managing Directors Ralph DePasquale and Alex Blagojevich and Director Parker Stewart of Berkadia’s Chicago office completed the sale on behalf of the seller, H.A. Langer and Associates, based in Chicago. The buyer was Washington-based Weidner Apartment Homes.
Managing Director Clay Akiwenzie of Berkadia’s San Francisco office secured $13.8 million in conventional financing for the buyer through Fannie Mae. The deal closed on June 5.
“Swan Creek Apartments was very well-managed and maintained with high historical occupancy,” said DePasquale. “There are few opportunities in the Madison, Wisconsin market to acquire a quality asset in a good location. Swan Creek represented both and should be a great long-term investment for the new owner.”
“We were proud to play our part in providing transparency and certainty to both the buyer and seller,” said Akiwenzie. “Dean Weidner of Weidner Apartment Homes is a best in class buyer, and we look forward to more activity as he grows his portfolio in this robust and dynamic market.”
Over 135 groups registered to review the property, with 20 offers ultimately made by local, regional and national investors.
Built in 2010/2015 and located at 5160 E. Cheryl Parkway, Swan Creek Apartments offers studio, one- and two-bedroom floor plans. The units feature hardwood floors, personal washers and dryers and over-sized walk-in closets. Residents also have access to underground parking, elevators throughout the building and a fitness center. The property affords convenient access to several outdoor recreation areas, including Swan Creek Park and Capital Springs State Recreation Area, and Madison, Wisconsin is just five miles north.