Wednesday, June 1, 2011

Marcus & Millichap Lists $29.75 Million Multifamily Asset in Milwaukee

MILWAUKEE, WI June 1, 2011– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Harbor Pointe (top left photo), a 596-unit multifamily property in Milwaukee. The listing price of $29,750,000 represents $49,916 per unit and $56 per square foot.

Scott Harris, a senior vice president investments in the firm’s Oak Brook office and Matthew Whiteside, a vice president investments in Milwaukee, are representing the seller, a private investment group.

“Milwaukee is one if the strongest rental markets in the country with expected overall market occupancy of 96 percent this year,” says Harris. “This is an opportunity for an investor to acquire one of the largest multifamily properties in Wisconsin,”

“Harbor Pointe is underwritten at a current economic occupancy of 88 percent and the property is showing signs of significant operational improvement this year,” adds Whiteside. “This is a great chance for an investor to get a foothold in the Milwaukee market.”

The 531,186-square foot property is located at 9200 North 75th St. on Milwaukee’s north side, within walking distance of major retailers, restaurants and hotels.

Harbor Pointe is a 42-building apartment complex situated on a scenic 83-acre site that includes a large lake. The property has a variety of floor plans and unit sizes.

The unit mix includes 36 studios, 295 one-bedroom units, nine two-bedroom/one-bath units, 78 two-bedroom/ 1.5 bath apartments, 68 two-bedroom/two-bath units, 70 three-bedroom/two-bath townhouses and 40 Glen Brook townhouses with full basements. Unit sizes range from 502 square feet to 1,359 square feet.

Harbor Pointe residents can access an island clubhouse, business center, indoor pool, tennis courts and exercise facilities.

 Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

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