Northmarq’s Midwest investment sales team facilitates a four-property, 1,288-unit portfolio sale in Madison, Wisconsin

CHICAGO, ILLINOIS (December 1, 2022) – Northmarq brokered the sale of a four-property multifamily portfolio consisting of 1,288 units in Madison, Wisconsin. Alex Malzone, associate vice president, Parker Stewart, managing director, and Dominic Martinez, vice president, of Northmarq’s Chicago/St. Louis investment sales team represented the seller, who was the original developer of The Monticello and Carolina Apartments as well as the long-term owner of Monona Lakeview and Country Meadows. A Wisconsin-based investor purchased The Monticello, Carolina Apartments and Monona Lakeview (822 units) and a separate Chicago-based investor purchased Country Meadows (466 units).

“Our team is excited to announce the sale of this generational portfolio on the seller’s behalf. The scale of each asset, their exceptional locations, long-term family ownership, and high barrier to entry into Madison generated substantial interest from coast-to-coast, which resulted in more than 30 written offers. The aggressive bidding process exemplifies the continued vigorous demand for solid multifamily opportunities, even in the most volatile interest rate environment in decades,” said Malzone.

“With its strong population growth and other renter-driven fundamentals, Madison has become one of the more highly sought-after markets in the Midwest, across all buyer profiles. The marketplace is extremely bullish on these locations, the value-add potential, and long-term outlook in Madison,” said Stewart. “The flexibility with respect to how the portfolio could be allocated among potential buyers allowed both institutional and private capital to be as competitive as possible. We are confident that both buyers will successfully implement value-add programs and reap the long-term benefits from achieving this kind of scale in a traditionally low velocity market.”

“My partners and I appreciate the way the Northmarq team assisted us throughout the entire sale process. Over the course of our ownership, we were able to observe a wide number of changes that are driving the investor interest in Madison including the continued transformation and development in the West Madison neighborhood,” said Nate Brand, the seller.

Carolina Apartments: The 286-unit multifamily property (originally built in 1967) is located at 4849 Sheboygan Avenue in the West Madison submarket. 

The Monticello: Adjacent to Carolina Apartments in the Hilldale neighborhood, The Monticello is a 330-unit garden complex located at 5015 Sheboygan Avenue which was built from 1985 to 1992. 

Both Carolina Apartments and The Monticello are located two miles from Downtown Madison and the University of Wisconsin-Madison campus, the UW Hospital as well as other economic and employment growth drivers. 

Monona Lakeview: The 206-unit multifamily property (originally built from 1956 to 1963) is located at 3819 Monona Drive in Monona. Monona Lakeview is located within the fast-growing East Madison submarket. Despite adding more than 2,700 units in the last five years, the submarket has consistently maintained positive net absorption. 

Country Meadows: Located in the West Madison submarket, this 466-unit complex (built in 1972) is located at 6840 Schroeder Ave in Madison. Country Meadows is located close to several major economic and employment drivers including the University Research Park, Cuna Mutual Group and Exact Sciences Corp.