CHICAGO and SAN FRANCISCO – October 1, 2019 – Berkadia announced today the sale of a portfolio of two multifamily properties totaling 364 units in suburban Madison, Wisconsin. Managing Director Ralph DePasquale, Director Parker Stewart and Senior Managing Director Alex Blagojevich of Berkadia’s Chicago office completed the sale on behalf of the seller, Wisconsin-based Cascade Development. The buyer was Washington-based Weidner Apartment Homes, and the deal closed on September 11.
Managing Director Clay Akiwenzie of Berkadia’s San Francisco office, along with Senior Managing Director Chris Blechschmidt and Director Emily Stang of Berkadia’s Chicago office also procured the financing for this portfolio on behalf of the buyer, from a major life insurance company, and included a combination of a loan assumption and new debt.
“The offering of a portfolio in the Madison market is truly rare, especially when you consider the total number of units and the quality of these assets,” said DePasquale. “The developer did an amazing job in creating these very attractive communities with unparallel amenities.”
“These assets offered the buyer an opportunity to significantly expand their multifamily portfolio in the Madison market,” added Stewart.
The properties in the portfolio include:
- Van Buren Place, located at 1351 Okeeffe Ave. in Sun Prairie, Wisconsin, affords convenient access to Highway 151 and the shops and restaurants along Main Street. The 164-unit garden-style, pet-friendly property features studio, one- and two-bedroom floor plans with walk-in closets, stainless steel appliances and in-unit full-size washers and dryers. Community amenities include a heated swimming pool, an outdoor grilling station, a clubhouse, a business center and underground parking.
- The Park, located at 6203 Williamsburg Way in DeForest, Wisconsin, offers convenient access to Token Creek County Park and I-94. The newly constructed 200-unit pet-friendly property features studio, one- and two-bedroom floor plans with central air conditioning, vaulted ceilings, stainless steel appliances and in-unit washers and dryers. The unparalleled amenities include a 9,500 square foot clubhouse with swimming pool, underground heated parking, a business center, a fully equipped fitness center and a dog park.