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| David Gaines |
MILWAUKEE, WI – Marcus & Millichap (NYSE: MMI), a
leading commercial real estate investment services firm with offices throughout
the United States and Canada, announced it has arranged the sale of The
Franklin Apartments, a 114-unit property in Milwaukee, Wis. The $22.1
million sales price equates to $193,860 per unit.
For Marcus & Millichap, vice presidents investments David
Gaines and Alex Blagojevich handled the sale, along with first vice
president and regional manager Matthew Fitzgerald, Marcus &
Millichap’s broker of record in Wisconsin.
The Franklin Apartments is located in east downtown
Milwaukee and features one- and two-bedroom units averaging 1,028 square feet
each. “The submarket of downtown Milwaukee is, as a whole, tight,” says Gaines.
“By making strategic unit improvements, this was an opportunity for a rare,
‘Class A,’ add-value opportunity in a supply-constrained, in-fill market.”
“Our experience and
access to investors in the Midwest, as well as in over 20 states across the
country, are key to uniting buyers and sellers in a way that results in
successful multifamily transactions,” adds Fitzgerald.
For a complete copy
of the company’s news release, please contact:
Gina Relva
Public Relations Manager
Marcus & Millichap
(925) 953-1716
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