Holliday Fenoglio Fowler, L.P. has closed the sale of New Fountains, a 578-unit apartment community in the Madison, Wisconsin, suburb of Fitchburg.
HFF marketed the property on behalf of New Fountains Equity LLC, an affiliate of Mandel Group, Inc. of Milwaukee. Monarch Investment and Management Group of Denver purchased the apartment community.
New Fountains is situated on 28 acres at 5401 Williamsburg Way, just west of U.S. Highway 151 and along the Madison Metro Transit System routes 52 and 59. The property is less than five miles south of downtown Madison. New Fountains includes units averaging 810 square feet each, and includes an affordable housing component totaling 118 units. Community amenities include two swimming pools with sundecks, sand volleyball court, two tennis courts, fitness center and business center. The property was 94 percent occupied at closing.
The HFF investment sales team representing the seller was led by associate director Wick Kirby and managing directors Sean Fogarty and Marty O’Connell along with executive managing director Matthew Lawton.
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