Madison apartment complex sells for $4 million

MADISON – An apartment complex in Madison has sold for $4 million. SVN-AVAT, Sunbelt Multifamily, a commercial real estate brokerage firm specializing in multifamily real estate, announced Friday the sale of Spencer Trace Apartments, a 50-unit apartment property.

The property, located along Sullivan Street near downtown Madison, was developed in 1986. Spencer Trace has been owned and managed by local group, Management Enterprises Development and Services for the last several years. The property boasts extra-large floor plans, a recently renovated playground, partial brick exteriors, and many two story, townhome style units.

According to Andrew Agee, managing director of SVN Multifamily, the buyer, Joy Apartments, plans to invest $225,000 into the property and position it for long-term success.