CBRE has brokered the sale of Riverwood Apartments, a fully occupied 32-unit multifamily community in Mauston, Wisconsin, for $3.95 million. Tripp & Associates purchased the asset from Riverwood Apartments, LLC, adding a stabilized riverfront property to its Wisconsin portfolio.
The CBRE team of Sean Beuche, Max Colby, Matson Holbrook and Gretchen Richards represented the seller in the transaction. The brokers positioned the property to investors as a rare opportunity to acquire scale in a smaller Wisconsin market where occupancy remains tight and new supply is limited.
Riverwood Apartments is composed of four two-story residential buildings situated on 3.24 acres along the Lemonweir River. Developed in 1994, the community offers a mix of one-, two- and three-bedroom units, with floor plans ranging from 575 to 1,000 square feet. The property was fully leased at the time of sale, underscoring ongoing renter demand in the Mauston area.
In discussing the transaction, CBRE noted that Mauston has emerged as a compelling location for multifamily investment, supported by a broadening employment base. Local economic drivers include full-service healthcare providers, manufacturers that are expanding operations, and regional tourism linked to nearby destinations. Wisconsin Dells, a significant tourism hub, is located less than a half-hour drive from the community and contributes to regional job growth and service demand.
Tripp & Associates highlighted that smaller Wisconsin markets such as Mauston are where multifamily supply-demand imbalances are particularly visible. With limited new construction and steady demand from households employed across healthcare, manufacturing and tourism, stabilized assets like Riverwood Apartments can offer durable occupancy fundamentals for investors targeting secondary and tertiary locations.
The transaction adds another data point for multifamily investment activity in non-urban parts of Wisconsin, where institutional capital has been comparatively less active but private buyers continue to pursue stabilized communities. The combination of full occupancy, a diverse unit mix and riverfront setting positions Riverwood Apartments as a core holding for its new owner, while reinforcing investor attention on smaller markets with growing employment and constrained rental housing supply.
