CHICAGO, IL – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it 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, Wisconsin. Monarch Investment and Management Group of Denver, Colorado, purchased the asset.
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 offering nearby access to the University of Wisconsin-Madison and major area employers in the healthcare, government, insurance, research and technology sectors. New Fountains encompasses 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.
About Mandel Group, Inc. Mandel Group, Inc. is a national award-winning builder and developer headquartered in Milwaukee. Founded in 1991, Mandel Group has developed or transacted over $1 billion of residential and commercial real estate development and is recognized as the premier residential multifamily developer in metro Milwaukee. Communities developed by Mandel have received numerous awards for design excellence, including the prestigious Urban Land Institute Award for Excellence as well as national awards from the National Association of Homebuilders. The firm has acquired and repositioned over 3,500 units of multifamily housing in the Midwest. Mandel Property Services, Inc. operates over 5,000 multifamily housing units. Further information available at the company’s website: www.mandelgroup.com.
About Monarch Investment and Management Group: Monarch Investment and Management Group (Monarch) specializes in the acquisition and management of income-producing real estate, particularly multifamily apartment communities. Through these real estate investment vehicles, Monarch provides investors with the opportunity for quarterly income as well as an excellent long-term return on investment.
About HFF: HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.