Multifamily v Wisconsin

CBRE|Martin closes sale of 18,000-square-foot office building in Lansing

7050-saginaw

Marcus & Millichap has brokered the sale of Mountain Village, a 319-unit, 274,438-square-foot luxury apartment complex/retail center in Waukesha, Wisconsin.

Marcus & Millichap has brokered the sale of Mountain Village, a 319-unit, 274,438-square-foot luxury apartment complex/retail center in Waukesha, Wisconsin.

Axiom Properties Inc. of Lincolnshire, Illinois, closed the transaction Aug. 31. The sales price of $29 million comes out to $90,909 a unit and more than $105 a square foot.

Matthew Whiteside, a first vice president of investments in Marcus & Millichap’s Milwaukee office, represented the seller, Waukesha-based Styza Family Limited Partnership. He also found the buyer.

The property is located on 11.6 acres at 304 W. North St., only blocks from downtown Waukesha and adjacent to Waukesha Memorial Hospital.

Mountain Village was built in three phases in 1987, 1989 and 1992. The eight floor plans range in size from 450 square feet to 1,356 square feet, and include studios, one-bedroom units, two-bedroom/two-bath apartments and two-bedroom/two-and-a-half bath townhomes, along with nine retail spaces.