Waterleaf Apartments

6701-6785 Schroeder Rd,


Madison, WI

Main

Year Built: 1979

Land Area: 22.2 acres

Asset Class: B

Status: Available








Property Type

Multifamily Value-Add

Location

Madison

Units

176

Waterleaf Apartments


Nestled among a lush landscape, _**including sweeping willow trees and a large, peaceful pond with multiple fountains**_, Waterleaf Apartments sprawls across 22 acres in the popular _**Greentree neighborhood**_ of Madison. The asset is a perfect value-add opportunity that affords an owner the ability to renovate units and add amenities. Comprising 176 one-, two- and three‑bedroom units, Waterleaf Apartments provides _**endless options**_ to increase value. Until recently, Waterleaf Apartments was encumbered by a LURA (Land Use Restrictive Agreement) with rent restrictions. However, now that the building is fully unrestricted, ownership has begun to push rents on renewals and new leases. A new investor will be able to continue this practice and implement a strategic value-add strategy that could include interior renovations and _**additional amenities**_ and upgrades. Both the submarket and Madison itself experiences _**strong rent growth**_ and high occupancies. Rent growth over the past three years has averaged 2.7% and occupancies have hovered around 95%, allowing for long‑term growth and strong returns.

Quick Facts:


* Construction Year: **1979** * Total Units: **176** * One Bedroom Units: **16** * Two Bedroom Units: **128** * Three Bedroom Units: **32** * Average Market Rent: **$1,066** * Average Market Rent psf: **$1.14** * Parking Spaces: **191**

Asset Photos



Contact Sales Team



Todd Stofflet


Managing Director

Todd Stofflet
Phone: 312.477.7004
Mobile: 312.622.2339
Email: todd.stofflet@cushwake.com

Jason Stevens


Managing Director

Jason Stevens
Phone: 312.477.7012
Mobile: 312.608.6188
Email: jason.stevens@cushwake.com

Susan Tjarksen


Managing Director

Susan Tjarksen
Phone: 312.477.7006
Mobile: 312.523.7617
Email: susan.tjarksen@cushwake.com