Cushman & Wakefield’s Midwest Multifamily Advisory Group brokered the $18.7 million sale of Springdale Apartments, a three-story, 199-unit community at 2415 Springdale Road in the Milwaukee suburb of Waukesha, Wisconsin.
Cushman & Wakefield Associate Brad Smith represented the seller in the transaction, which set a per-unit pricing record in the market by almost $20,000 per unit for multifamily communities that were developed in the 1970s, according to Real Capital Analytics data.
Janesville, Wisconsin-based Spaulding Group, led by Justin Spaulding, purchased Springdale Apartments from Milwaukee-based Trike Property Management. Developed in 1973, the community houses a mix of one-, two- and three-bedroom apartments averaging 920 square feet. The units were almost fully leased at the time of closing.
Prior to the sale, Trike Property Management had completed renovations to 20 of the units, which were collecting a $150 monthly rent premium over those with older finishes. New ownership plans to continue upgrading both apartments and common areas, which include an outdoor pool and clubhouse with fitness center and party room.
Earlier this year, Smith also represented the owner of Waterleaf Apartments in Madison, an 11-building, 176 unit community at 6701 Schroeder Road, in the sale to San-Francisco-based FPA Multifamily Group. The per-unit price for the 22-acre property, which was developed in 1979, also set a record for its market, according to Real Capital Analytics.