Marcus & Millichap closed the sale of Heritage Apartments, a 19-unit apartment community in New Richmond, Wisconsin. The asset sold for $1.05 million.
Evan Miller, Mox Gunderson and Dan Linnell, investment specialists in Marcus & Millichap’s Minneapolis office, had the exclusive listing to market the property on behalf of the seller, a limited liability company, and secured the buyer, a private investor. Matthew Fitzgerald, Regional Manager and Broker of Record in Marcus & Millichap’s Milwaukee office, assisted in closing this transaction.
Heritage Apartments is located at 1380 Heritage Drive in New Richmond. The first building, 14 units, was built in 1986; a second building, 5 units; and detached garage buildings added in 1997. The property consists of 15 two-bedroom and 4 three-bedroom apartments. Some major improvements included; Andersen Windows installed in 2014, vinyl siding, all roofs replaced in 2008 and 2009.