CBRE Arranges Sale of Two Multifamily Properties in Madison for $34M

CBRE has arranged the sale of Royster Commons and 515@Royster, two multifamily properties totaling 174 units in Madison. Weidner Apartment Homes purchased the properties from Ruedebusch Development & Construction for $34 million.

CBRE’s Gretchen Richards, Patrick Gallagher, Matson Holbrook and Ted Nevermann represented the seller in the transaction. CBRE’s Capital Markets’ Debt and Structured Finance team provided the financing for the buyer.

"With the lowest vacancy rate in the U.S. at 3% and ranking No. 7 in rent growth year-over-year, Madison’s strong market fundamentals continue to attract robust national interest, as was the case with Royster,” said Richards. “Both seller and buyer were best-in-class in executing this deal and we’re honored to be a part of the team.”

Royster Commons is located at 521-523 Grand Oak Trail, just west of Highway 51 and minutes from Lake Monona, Olbrich Botanical Gardens and the University of Wisconsin. Built in 2019, the 86-unit property features a range of studio-, one- and two-bedroom floor plans averaging 956 feet.

515@Royster is located at 515 Pinney St., just off Cottage Road, a major east and west transportation thoroughfare in eastern Madison. Built in 2022, the 88-unit property features a range of studio-, one- and two-bedroom floor plans averaging 791 feet.