Berkadia brokers sale of 458-unit Tivoli Green in Mount Pleasant, Wis.

Berkadia announced the sale of Tivoli Green, a 458-unit multifamily property in Mount Pleasant, Wis., to Illinois-based Santefort Real Estate Group from Wangard Partners, according to Connect CRE.

Berkadia arranged Freddie Mac acquisition financing for the buyer; a sale price was not disclosed.

Pete Evans, a senior managing director in Berkadia's Chicago office, and Richard Evans, a senior director in Milwaukee, led the transaction for Wangard. Chris Blechschmidt and Emily Stang, also of Berkadia's Chicago office, arranged the Freddie Mac loan for Santefort. Wangard will remain the property's third-party manager.

Tivoli Green was delivered in three phases from 2021 to 2024, with 22 buildings across roughly 38 acres at 9110 Megan's Way. Connect CRE describes it as one of the largest multifamily assets built in southeastern Wisconsin in the last 25 years and the first apartment community built in Racine County in more than 20 years.

“Southeastern Wisconsin is home to one of the fastest-growing, most dynamic economic corridors in the country, and national multifamily investors are taking note,” Evans said in the report.

Freddie Mac's multifamily delinquency rate sits at a 20-year high of 0.64%, per this publication's Oct. 8 report.