Silver Lake has been owned and managed by the same family office for nearly 25 years. They have done a great job of maintaining the asset and making it a prime value-add opportunity!

• Units average over 1,000 SF—spacious by local standards—with layouts offering detached garages, balconies, and patios—all highly attractive in the Portage and regional market, appealing to renters seeking long-term tenancy and lifestyle flexibility.
• The property stands out with park-like, green space with mature landscaping and large oak trees with a setting that offers high curb appeal and quality[1]of-life advantages.
• Sixteen two-level 1250 SF townhouse units with full basements and washer/dryer hook-ups.

Silver Lake has a very strong occupancy history with very low vacancy and even a waiting list at times over the last few years. Given the units and setting, the property should continue to remain very competetive against other multifamily in the area.

• In place rents are at or below market average. There will be an opportunity for new ownership to push rents, especially with newly renovated units.

• Portage is a 40-minute drive from Madison and only 15 minutes from the world-famous Wisconsin Dells. Silver Lake offers a great opportunity to invest in a stable market with value-add potential, while being close to one of Real estates fastest growing cities in the country.

• Though Silver Lake is being offered without a formal asking price, the Asset will trade well below today’s replacement costs, which would be well in excess of $200,000 per unit.

• Built from 1975-1984, Silver Lake presents a prime opportunity for a new owner to come in and substantially upgrade the units and maximize the potential that the community holds.

• The Current owner has begun renovating unit interiors over the last few years and have been renovating about 1 unit per month. Roughly 18 renovations have been finished to date. These renovations could be done on a more programmatic basis by the new ownership. Currently the only people working on these renovations are the maintenance supervisor (who also performs many property manager-like duties) and one contractor.

• The current unit renovations include new flooring, kitchen and bathroom appliances, lighting, air conditioning units, freshly painted walls, ceilings, doors, and new windows and blinds. A new owner could enhance these upgrades by adding all new cabinetry, new glass doors to the patio areas and even the possibility of adding washer/dryers to many units. In addition to the existing washer/dryer hook-ups in the 16 townhouse units, there are five units that already have had washer/dryers added. Doing this will create the opportunity to push rents to higher levels and provide dramatically modernized units to an improved tenant base.