Apartment Property Hits Market at $89 PSF

BURLINGTON, WI-The Boardwalk, a 172-unit apartment building, is entering the sales market. Marcus & Millichap is listing the 167,967-square-foot property for $15 million, which equates to $87,209 per unit or $89 per square foot.

“The Boardwalk is a luxury apartment community with a small affordable housing component and exceptional assumable financing in place,” says Matthew Whiteside, VP of investments and director of the National Multi Housing Group for Marcus & Millichap. “The current financing has an extremely favorable interest rate through October 2015.”

The property, located at 232 Bridge St. here, contains one-bedroom, one-bath units and two-bedroom two-bath units, ranging in size from 638 square feet to 1,387 square feet. Each unit has a personal balcony and includes amenities like a full-size washer and dryer, refrigerator, self-cleaning electric range and built in microwave. The facility also has an underground parking garage, two fitness centers and a community room.

Built between 2003 and 2005, the property received the Building of the Year accolade from the Building Owners & Managers Association in Wisconsin for the 200-2005 year.