JLL completes $47.55M sale of The Vue at Pinnacle Park
Class A apartment community is located in the suburbs of Madison, Wisconsin
CHICAGO, November 18, 2019 – JLL announced today that it has closed the $47.55 million sale of The Vue at Pinnacle Park, a 285-home, Class A apartment community located in Fitchburg, Wisconsin, a suburb to the south of Madison.
JLL marketed the property exclusively on behalf of the seller, Milwaukee-based Fiduciary Real Estate Development, Inc., and procured the buyer, Weidner Apartment Homes.
The Vue at Pinnacle Park is located at 1300 Post Road less than five miles south of downtown Madison. Built in 2014, the property is less than 20 minutes from top employers, including the University of Wisconsin-Madison, Epic Systems and American Family Insurance, and is about three minutes from Madison’s “Beltline” Highway, which is the convergence of Highways 12, 14, 18 and 151 at Interstate 90. The Vue at Pinnacle Park is situated on 9.83 acres near a vast nature preserve that insulates the area from future development and also offers unobstructed scenic views and access to walking trails. The property consists of five three-story buildings that house a variety of studio through three-bedroom units averaging 976 square feet. Community amenities include a resort-style swimming pool and sundeck, outdoor grilling area, fire pit, 24-hour fitness center with tanning bed, clubroom with wet bar, heated ground-floor garages and indoor pet washing stations. The property was 97% occupied at closing.
The JLL Capital Markets team representing the seller was led by Senior Director Wick Kirby, Managing Director Marty O’Connell, Director Kevin Girard and Analyst Amanda Friant.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday GP Corp. (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Fiduciary Real Estate Development, Inc.
Fiduciary Real Estate Development, Inc. (“FRED”) was founded in 1984, and is an experienced real estate development and investment management company, focusing on multi-family and mixed-use properties. A fully integrated firm, with in-house development, construction, asset management and property management expertise, FRED currently owns and operates more than 8,000 apartment homes throughout Wisconsin, Minnesota and Illinois.
About Weidner Apartment Homes
Weidner Apartment Homes was founded in 1977 by Dean Weidner. With a commitment to providing quality apartment home living for all of its residents, Weidner Apartment Homes is currently ranked 15th on NMHC’s top 50 list of apartment management companies and has 55,000 units throughout the U.S. and Canada.