Marcus & Millichap brokered the sale of Evergreen Townhomes, a 76-unit multifamily property in Manitowoc, Wisconsin. The property sold for $12.3 million, or $161,842 per unit.
“While this transaction was driven by a local investor seeking to expand their presence in the Manitowoc market, Evergreen Townhomes stands out as a high-quality asset with strong appeal to family-oriented renters,” said Dan Bowar, director investments. “With consistently low vacancy, strong renter demand, and ongoing growth in the manufacturing and food processing sectors, we expect sustained interest in both existing multifamily assets and new development across the market.”
Bowar, investment specialist in Marcus & Millichap’s Milwaukee office, marketed the property on behalf of the seller, a Florida-based investor, and procured the buyer, a Wisconsin-based investor.
Evergreen Townhomes is situated on two acres at 4910 Benley Ct. Built in 1999, the property features 76 units across 91,200 rentable square feet.
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