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FITCHBURG, WIS. —Milwaukee-based developer Mandel Group has acquired New Fountains Apartments, a 578-unit multifamily community located in Fitchburg. Situated on 28 acres at 5401 Williamsburg Way, the property comprises 14 buildings. Amenities include swimming pools, tennis courts, a fitness center and sand volleyball courts. The seller was a Dayton, N.J.-based private investor group. Mandel Property Services, a wholly owned subsidiary of Mandel Group, has managed the property since 2007 on behalf of the seller. During that time, occupancy rose from 80 percent to 96 percent and net operating income nearly doubled. Mandel Group secured $20 million in acquisition financing through the Wisconsin Housing & Economic Development Authority. As a condition of the financing, Mandel will rent 20 percent of the units as affordable housing. The remaining proceeds will be used to substantially renovate the community. Paul De Kruiff of the Chicago office of NorthMarq Capital arranged the transaction.

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