Berkadia Negotiates $10.3 Million Sale for Multifamily Property in Monona, Wisconsin
Monona, WI – February 1, 2022 – Berkadia announced today the sale of Fairway Glen, a 56-unit, garden-style multifamily housing property in Monona, Wisconsin. Managing Director Ralph DePasquale, Senior Managing Director Pete Evans and Associate Director Jack Maloney of Berkadia Chicago Investment Sales and Senior Director Richard Evans of Berkadia Milwaukee led the transaction on behalf of the Madison-based developer5001 Monona Drive LLC. The deal closed in early December 2021.
Fairway Glen sold to Wisconsin-based Spaulding Group. The property was 97 percent occupied at the time of the sale.
“Fairway Glen saw a tremendous amount of interest, given its attractive design, amenities and location,” said Ralph DePasquale. “The property is in a great location within the highly desirable Madison market, which has a very limited number of opportunities”.
Fairway Glen was built in 2014 and features a mix of studio, one-, two- and three-bedroom units, all with washer/dryers. Community amenities include community room, fitness room, elevator, and underground parking. Located along Monona Drive, the property affords convenient access to public and private transportation, abundant shopping and downtown Madison.