CBRE has arranged the sale of Riverwood Apartments and Biscayne Apartments, two multifamily properties totaling 112 units in Mauston and Racine. An Iowa-based multifamily investor and developer purchased the properties from an Iowa-based multifamily investor for $10.1 million.
CBRE’s Max Colby, Sean Beuche, Matson Holbrook, Patrick Gallagher and Gretchen Richards represented the seller in the transaction. “We are pleased to help connect the seller with a uniquely qualified buyer who recognized the value of acquiring these assets,” said Colby. “Their substantial experience in developing and owning multifamily properties in comparable markets across Wisconsin made them an ideal candidate.”
Riverwood Apartments is located at 510-516 McEvoy St. Built in 1994, the 32-unit property features a range of one-, two- and three-bedroom floor plans. Biscayne Apartments is located at 5010 Biscayne Ave., near several retail and event venues. Built in 1960, the 80-unit property features a range of one-, two- and three-bedroom floor plans.
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