Back Nine Acquisitions LLC, a Chicago real estate investment firm, has purchased a two-property multifamily portfolio on Madison’s west side for $29.95 million from Flad Development & Investments.
The properties, which have a combined 108 units, includes the Tradition at Smoky’s Club, a 59-unit property located at 3007 University Ave., and the Whitney Reserve, a 49-unit property located at 5201 Old Middleton Road.
The properties, located 1.4 miles apart, also have more than 2,400 square feet of ground-floor retail space.
The transaction was arranged by real estate and investment firm CBRE Group Inc.
CBRE’s Gretchen Richards, Matson Holbrook and Sean Beuche represented the seller in the transaction.
“Demand for high-quality multifamily properties in Madison remains strong, specifically for newly constructed properties in prime locations,” Richards said in a press release.
“Flad Development’s assets exemplify this profile in spades,” she said. “This portfolio drew in significant interest from both local and national investors due to the choice locale, discerning design decisions, and attentive management.”
Amenities at both properties include fitness centers, top-floor plazas with grills, community rooms and co-working and business areas.
Doug Imber, a principal with Back Nine, said his company is excited to have been awarded high-quality developments.
“As long-term investors, Back Nine is committed to being among the premier housing providers in the Madison community,” Imber said. “We’re especially grateful for CBRE’s invaluable assistance in helping us complete these acquisitions.”
John Flad, owner of Flad Development, called Back Nine a like-minded investor for the Madison market.
“We selected Back Nine knowing they will steward the projects going forward in the same attentive manner as with which they were constructed,” Flad said.
