CBRE Arranges $30 Million Sale of Multifamily Portfolio in Madison, Wisconsin

CBRE has arranged the sale of a two-property multifamily portfolio totaling 108 units in Madison. 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.

“Demand for high-quality multifamily properties in Madison remains strong, specifically for newly constructed properties in prime locations,” said Richards. “Flad Development’s assets exemplify this profile in spades. This portfolio drew in significant interest from both local and national investors due to the choice locale, discerning design decisions, and attentive management.”

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.

“We are excited to welcome a like-minded investor, Back Nine Apartments, into the Madison market,” said John Flad, Owner of Flad Development. “We take great care to develop properties which enhance the built environment through inspired quality and commitment to the community. We selected Back Nine knowing they will steward the projects going forward in the same attentive manner as with which they were constructed.”

“We’re excited to have been awarded such high-quality developments,” said Doug Imber, Principal at Back Nine. “As long-term investors, Back Nine is committed to being among the premier housing providers in the Madison community. We’re especially grateful for CBRE’s invaluable assistance in helping us complete these acquisitions.”