CHICAGO – January 8, 2021 – Berkadia today announced the sale of Lake Point Terrace for approximately $13.1 million. Managing Director Ralph DePasquale of Berkadia’s Chicago office completed the sale on behalf of the seller, Chicago-based Ansonia Properties LLC, as well as the buyer, Milwaukee-based Metropolitan Associates. The deal closed on December 18, 2020.
“Lake Point Terrace represents a great opportunity for the new buyer to continue to upgrade units in a community that had already received substantial upgrades over the last decade. This factor, combined with the dynamic location, are the main reasons that the asset received such tremendous interest during the marketing,” said DePasquale. “It will be a great long-term investment for the new ownership group.”
Lake Point Terrace is located at 1674 Lake Point Drive in Madison, Wisconsin. As one of the rare value-add opportunities that came to market in the highly desirable Madison market, this listing generated tremendous interest among investors, with 22 formal offers submitted, many with non-refundable deposits upon execution of PSA, in what was a very competitive bidding process. This 125-unit property features studio-, one- and two-bedroom floor plans with walk-in closets, dishwashers and a community fitness center. Residents are afforded convenient access to the University of Wisconsin at Madison and the Aldo Leopold Nature Center.