CBRE Arranges Sale of Riverwood Apartments in Mauston, Wisconsin

CBRE has arranged the sale of Riverwood Apartments, a fully occupied 32-unit multifamily community in Mauston. Tripp & Associates acquired the property from Riverwood Apartments, LLC for $3.95 million.

CBRE's Sean Beuche, Max Colby, Matson Holbrook and Gretchen Richards represented the seller in the transaction.

"Mauston has proven to be a compelling market for multifamily investment," said Beuche. "The growing employment base includes full-service healthcare, manufacturers expanding their operations and significant regional tourism drawn from Wisconsin Dells, which is just 23 minutes away. Additionally, Riverwood was 100% occupied at the time of the sale, a reflection of the strong demand for multifamily properties in a region with limited supply. That combination yielded serious buyer interest and we're pleased to have delivered a strong outcome for our client."

Riverwood Apartments includes four two-story residential buildings on 3.24 acres along the Lemonweir River, with direct access to the Interstate 90/94 corridor. Built in 1994, the property offers a mix of one-, two- and three-bedroom floorplans with units ranging from 575 to 1,000 square feet. Community and unit amenities include renovated interiors, ceiling fans, oversized closets, washer and dryer connections, on-site management, disability access and a pet-friendly environment.

"Smaller Wisconsin markets like Mauston are where the supply-demand imbalance is most evident," said Joan Tripicchio, Principal, Tripp & Associates. "That, coupled with the opportunity to acquire quality workforce housing with a recently lifted LURA, at a basis well below new construction, was a significant factor in our purchase and supports our long-term investment strategy in the market."