Katz Properties and Bender Companies Acquire Multifamily Property in Madison for $178.1 Million
Katz Properties and Bender Companies have purchased a 993,135 square foot multifamily property in Madison from Nate Brand for $178.1 million.
In a significant transaction in the Madison real estate market, Katz Properties and Bender Companies have acquired a large multifamily property from Nate Brand for 178.1 million. The property, located at 6840 Schroeder Road, spans an impressive 993,135 square feet and consists of 1,288 units. The sale price per square foot for the property was 179, indicating a strong valuation for the asset.
The buyer, Katz Properties, is a well-established real estate investment firm with a focus on acquiring and managing multifamily properties across the United States. The company has a strong track record of successful acquisitions and has a portfolio of properties in various markets. Bender Companies, the co-buyer in this deal, is a reputable real estate development and investment firm with expertise in multifamily properties.
On the seller side, Nate Brand made a strategic decision to divest the property, likely to capitalize on the strong demand for multifamily assets in the current market. Brand, a seasoned real estate investor, recognized the opportunity to achieve a favorable sale price for the property given its size and location.
The transaction was facilitated by Alex Malzone and Parker Stewart of Northmarq, who served as the brokers for the deal. Northmarq is a leading commercial real estate brokerage firm with a strong presence in the Midwest. Malzone and Stewart have extensive experience in the multifamily sector and were able to effectively market the property to potential buyers, resulting in a successful sale.
The multifamily property on Schroeder Road offers a range of amenities and features that make it an attractive investment. With 1,288 units, the property provides a significant income stream for the new owners. The units are well-designed and offer modern finishes, appealing to the target demographic of renters in the area. Additionally, the property boasts a variety of amenities, including a fitness center, swimming pool, and communal spaces, enhancing its appeal to potential tenants.
The location of the property is another key factor contributing to its desirability. Situated in Madison, a vibrant city known for its strong rental market, the property benefits from a high demand for housing. Madison is home to several universities and has a thriving job market, attracting a diverse population of renters. The property’s proximity to major transportation routes and amenities further adds to its appeal.
Overall, the acquisition of this multifamily property in Madison by Katz Properties and Bender Companies represents a significant investment in a prime real estate asset. The strong sale price per square foot reflects the value and potential of the property, while the involvement of experienced brokers ensures a successful transaction. As the Madison real estate market continues to thrive, this acquisition positions Katz Properties and Bender Companies for long-term success in the multifamily sector.