CBRE Arranges Sale of Two Multifamily Properties Totaling 674 Units in Fitchburg, Wisconsin

CBRE has arranged the sale of The Pines and The Fairways, two multifamily properties totaling 674 units in Fitchburg. FPA Multifamily, LLC purchased the properties from E.J. Plesko & Associates, Inc. affiliated entities for an undisclosed amount.

CBRE’s Gretchen Richards, Patrick Gallagher, Matson Holbrook, Sean Beuche, Abe Appert, Keith Collins and Ted Abramson represented the seller in the transaction.

"The Pines and The Fairways attracted investors from coast to coast and we were impressed by the depth of our bidder pool,” said Richards. “The scale, at 674 units, meant first-to-market buyers would have immediate efficiencies and market share. The investor appetite for multifamily in the Madison market outpaces available supply by a significant margin thanks to exceptional market fundamentals.”

The Pines is located at 2302 High Ridge Trail, near the southeastern end of Nine Springs Golf & Disc Golf Course and within the Hatchery Hill neighborhood. Built in 1978, the 305-unit property features a range of one-, two- and three-bedroom floor plans. Of the 305 units, 120 are direct-entry townhomes.

The Fairways is located at 2301 Traceway Drive, near the northeastern end of Nine Springs Golf & Disc Golf course and minutes from Fitchburg Springs Park. Built in 1970, the 369-unit property features a range of one-, two- and four-bedroom floor plans.