MADISON, WIS. — Marcus & Millichap has arranged the sale of River’s Edge and Fordem Towers in Madison for $37 million. Together, the two multifamily properties total nine buildings and 420 units. Both are located approximately two miles east of the University of Wisconsin-Madison.
River’s Edge, completed in two phases in 1974 and 1984, consists of seven three-story buildings totaling 312 market-rate units.
Fordem Towers, built in 1982, features two seven-story buildings totaling 108 units. The units, 27 of which are earmarked for low-income housing through a housing assistance payments (HAP) contract, range from 390 to 1,666 square feet.
Matthew Whiteside of Marcus & Millichap represented the seller, an Illinois-based limited liability company, and procured the buyer, a Colorado-based limited liability company.