CBRE arranged the sale of a two-property multifamily portfolio totaling 108 units in Madison, Wisconsin. Back Nine Acquisitions, LLC, purchased the property from Flad Development & Investments for $29.95 million.
CBRE’s Gretchen Richards, Matson Holbrook and Sean Beuche represented the seller in the transaction.
The portfolio includes The Tradition at Smoky’s Club, a 59-unit property located at 3007 University Ave., and The Whitney Reserve, a 49-unit property located at 5201 Old Middleton Road. Together, the properties include over 2,400 square feet of ground-floor retail space in Madison’s West submarket.
The properties are located 1.4 miles apart, each situated near Madison’s Hilldale Shopping Center and offering convenient access to downtown Madison, the University of Wisconsin–Madison, and UW Health. Community and unit amenities at both properties include fitness centers, top-floor plazas with grills, community rooms, co-working and business areas, heated underground parking, electric vehicle charging stations, in-unit washers and dryers, stainless steel appliances, granite countertops and private balconies.
