Midwest

MADISON, WIS. — CBRE has brokered the nearly $30 million sale of a two-property multifamily portfolio totaling 108 units in Madison. CBRE’s Gretchen Richards, Matson Holbrook and Sean Beuche represented the seller, Flad Development & Investments. Back Nine Acquisitions LLC was the buyer. The portfolio includes The Tradition at Smoky’s Club, a 59-unit property, and The Whitney Reserve, a 49-unit building. The assets include more than 2,400 square feet of ground-floor retail space and are located 1.4 miles apart. Both properties feature fitness centers, top-floor plazas with grills, community rooms, coworking and business areas, heated underground parking and electric vehicle charging stations.

SHEBOYGAN, WIS. — Cushman & Wakefield has brokered the $44 million sale of The Corridor, a 240-unit multifamily property in Sheboygan, about 55 miles north of Milwaukee. Chicago-based Midloch Investment Partners sold the asset to Axiom Properties. The community was approximately 97 percent occupied at the time of sale. Brad Smith, Jack Maloney and Ralph Depasquale of Cushman & Wakefield’s multifamily advisory group represented the seller in the transaction, which attracted 25 offers from institutional, national, regional and private buyers. The sale also includes an in-place tax-increment financing agreement that reimburses 65 percent of the incremental property tax through 2028 and enhances cash flow for the owner. Completed in 2021 on 13.4 acres, The Corridor features one-, two- and three-bedroom residences across three buildings. Amenities include a fitness center, resident lounge, community room, dog park, outdoor gathering space, playground and parking. The apartments feature granite countertops, stainless steel appliances, luxury vinyl plank flooring, in-unit washers and dryers and select private balconies.