Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of a three-property, 29-unit multifamily property portfolio located in Platteville, a community in Western Wisconsin.
“This deal was a win-win for both the buyer and the seller,” said Patrick Suffield, senior associate. “The sellers were a couple that turned around a failing portfolio through substantial sweat equity to achieve a great profit. Meanwhile, the out-of-area buyer was able to use a 1031 exchange to transition from a smaller portfolio deal into this larger asset.”
Suffield, investment specialist in Marcus & Millichap’s Chicago Downtown office, marketed the property on behalf of the seller, and procured the buyer. Todd Lindblom, Broker of Record in Wisconsin, assisted in closing the transaction.
The portfolio comprises Pioneer Bluff, built in 1890 and located at 90 E. Gridley; Pioneer Ridge, built in 1997 at 880 Union Street; and Pioneer Court, also built in 1997 and situated at 830 Union Street. The properties collectively feature 27 four-bedroom units and two two-bedroom units, with nearly all units in Pioneer Ridge being furnished. The portfolio is located in Platteville, the largest city in Grant County/Western Wisconsin, and home to the University of Wisconsin-Platteville. All properties are a 2-5 mile walk to campus.
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