Northmarq announces $10.7M sale of LIHTC, senior living multifamily portfolio in Madison, WI

MADISON, Wis. — Northmarq’s Midwest Multifamily Investment Sales team of Jake Lamb, Parker Stewart, Dominic Martinez, and Alex Malzone brokered the $10.7 million sale of Westminster & Prairie Oaks II, a 102-unit LIHTC and age-restricted (55 or older) multifamily portfolio located in the Madison, Wisconsin MSA.

Northmarq represented the seller, Lakeside Capital Advisors. The buyer was TPW Properties.

"We received a strong preemptive offer from TPW Properties, as they were looking to reinvest funds from a 1031 exchange,” said Lamb. “This portfolio offered two high-quality assets in strong locations within both Verona and East Madison, aligning well with their long-term investment strategy.”

Built in 2003 (Westminster) and 2002 (Prairie Oaks II), the portfolio features one‑ and two‑bedroom floorplans with amenities that include underground heated parking, private patios/balconies, community lounges, fitness and business centers, and on‑site management. Both assets operate under LIHTC restrictions through 2032 and offer significant rent‑growth potential.

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