STEVENS POINT, Wis., Dec. 4,2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Fourth Avenue Apartments, a 24-unit apartment property located in Stevens Point, Wisconsin. The property sold for $2,050,000, or $85,417 per unit.
“Our client was looking to move into a less management-intensive asset. We identified his down-leg and went to market with his apartments,” said Dan Bowar, senior associate. “The Stevens Point market continues to garner a lot of interest from investors, which was demonstrated by the velocity of this transaction.”
Bowar and Matthew Gordon, investment specialists in Marcus & Millichap’s Milwaukee office, had the exclusive listing to market the property on behalf of the seller, Hastings Property Group LLC, and procured the buyer, Gammon 6 LLC.
Located at 1601 4th Ave., the property includes 20 two-bedroom units and four one-bedroom units across 17,000 rentable square feet. Built in 1966, 13 units have been renovated in the past year, along with general updates to the common areas. The property is near the University of Wisconsin-Stevens Point.
