Marcus & Millichap Real Estate Investment Services recently brokered the sale of Harbor Pointe, a 596-unit multi-family property in Milwaukee. The sales price of $27 million represents $45,386 per unit and $51 per square foot.
Scott Harris, a senior vice president of investments in Marcus & Millichap’s Oak Brook, Ill. office, and Matthew Whiteside, a vice president of investments in the firm’s Milwaukee office, represented the seller, a private investment group. Harris and Whiteside also represented the Denver-based buyer.
“This was a satisfying exchange for both parties in the transaction,” says Harris. “Harbor Pointe is one of the largest multi-family properties in Wisconsin and Milwaukee is one of the strongest rental markets in the country.”
The 531,186-square foot property is located on Milwaukee’s north side, within walking distance of major retailers, restaurants and hotels.
Harbor Pointe is a 42-building apartment complex situated on an 83-acre site. The unit mix includes 36 studios, 295 one-bedroom units, nine two-bedroom/one-bath units, 78 two-bedroom/1.5-bath apartments, 68 two-bedroom/two-bath units, 70 three-bedroom/two-bath townhouses and 40 Glen Brook townhouses with full basements. Unit sizes range from 502 square feet to 1,359 square feet.
