MADISON, Wisconsin —
The Franklin Street Student Housing team, in association with ParaSell, Inc., announced it has brokered the sale of The Depot, a mixed-use housing asset located adjacent to the University of Wisconsin. Franklin Street represented the seller, Depot Development LLC, in the $24.4 million sale to Kismet Real Estate LLC. The new owner plans to upgrade the apartment units and continue operating the asset as a high-end residential community.
“This transaction underscores continued confidence in high-barrier, Power Four markets,” Patrick Mullowney, managing director, Franklin Street, said. “The Depot’s proximity to campus and renovation upside potential solidifies its position to deliver long-term performance in a resilient Midwest rental market.”
The Depot is in the heart of downtown Madison, with pedestrian access to University of Wisconsin-Madison and the state capitol. It was built in 2010 and is more than 78,000 square feet. It is a mixed-use building with 83 units, underground parking, and a CVS on the ground floor. Occupancy rate at closing was 98%, and onsite amenities include a fitness center, rooftop terrace with views of the state capitol, EV chargers, and indoor bike storage.
“We saw engagement from investors nationwide, reflecting the strong fundamentals for well-located student-oriented housing,” Joel Dumes, executive managing director, Franklin Street, said. “Assets in walkable downtown environments like Madison continue to command attention, particularly when they offer operational stability today with the potential to drive future net operating income growth.”
The Depot is located at 18 & 26 S Bedford Street, Madison, Wisconsin. Franklin Street’s national Student Housing team is based in Cincinnati and operates nationwide with expertise on institutional level deals within student housing.
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About Franklin Street
Franklin Street is a fully integrated, national commercial real estate services firm headquartered in Tampa, Florida. We combine thoughtful planning with decisive action to deliver winning results to clients nationwide. Franklin Street’s seven lines of business include Capital Advisory, Insurance, Investment Sales, Property Management, Project Management and Tenant and Landlord Representation. Founded in 2006, Franklin Street has a network of industry-leading brokers and capital partners across the country to ensure exceptional client service. Learn more about Franklin Street.
