Riverwood Apartments, a fully occupied 32-unit multifamily community in Mauston, has been sold to Tripp & Associates, a Janesville property management and real estate company, for $3.95 million.
CBRE Group, a commercial real estate services and investment firm, represented the seller, Riverwood Apartments LLC, in the transaction.
“Mauston has proven to be a compelling market for multifamily investment,” said Sean Beuche, a vice president in CBRE’s Milwaukee office. “The growing employment base includes full-service healthcare, manufacturers expanding their operations and significant regional tourism drawn from Wisconsin Dells, which is just 23 minutes away.”
Riverwood Apartments includes four two-story residential buildings on 3.24 acres along the Lemonweir River, with direct access to the Interstate 90/94 corridor.
Built in 1994, the property offers a mix of one-, two- and three-bedroom floorplans with units ranging from 575 to 1,000 square feet.
The building was 100% occupied at the time of the sale, which drew strong buyer interest.
“Smaller Wisconsin markets like Mauston are where the supply-demand imbalance is most evident,” said Joan Tripicchio, principal of Tripp & Associates.
