The largest apartment portfolio sale in Wisconsin history hit the market in June, just as rising interest rates roiled real estate deals throughout the country.
Despite turbulent capital markets, the family that developed and acquired the 1,288-unit portfolio in Madison over the course of more than 50 years proceeded with the process to sell it.
After more than 300 potential buyers reviewed the offering, the properties sold late last year to two buyers for more than $178 million combined, bolstered by the city’s population, employment growth and overall low vacancy.
The transaction earned a CoStar Impact Award, as judged by real estate professionals familiar with the market.
About the deal: Bayside, Wisconsin-based Katz Properties bought three of the properties, with a combined 822 units — the Carolina Apartments at 4849 Sheboygan Ave.; The Monticello at 5015 Sheboygan; and the Monona Lakeview at 3819 Monona Drive — for $133 million.
Two Chicago investors, the Bender Companies and Midloch Investment Partners, paid $45.1 million for the 466-unit Country Meadows complex at 6840 Schroeder Road. The seller had developed and bought the four complexes between 1956 and 1995.
What the judges said: “These buildings were sought after by buyers for the last 20 to 30 years, so kudos to the listing agents for securing it,” wrote Chris Caulum, vice president of commercial brokerage at Oakbrook Corp.
They made it happen: Northmarq brokers Dominic Martinez and Alex Malzone represented the longtime owner, Nate Brand, in the sale.
