Marcus & Millichap has arranged the sale of Evergreen Townhomes, a 76-unit multifamily community in Manitowoc, Wisconsin. The property changed hands for $12.3 million, equating to $161,842 per unit, in a transaction involving a Florida-based seller and a Wisconsin-based buyer.
Evergreen Townhomes is located at 4910 Benley Ct. in Manitowoc and is situated on approximately two acres. Built in 1999, the community comprises 76 townhome-style residences across 91,200 rentable square feet. The property is positioned as a family-oriented rental option within the Manitowoc market.
Dan Bowar, director investments and an investment specialist in Marcus & Millichap’s Milwaukee office, led the marketing and sale process. According to the firm, Bowar represented the Florida-based seller and also secured the Wisconsin-based buyer, a local investor expanding its presence in Manitowoc. The deal underscores the role of regional capital in smaller multifamily markets where local investors often act as repeat buyers.
Bowar noted that Evergreen Townhomes is considered a high-quality asset with strong appeal to family-focused renters. He cited consistently low vacancy levels and robust renter demand in the Manitowoc area as key fundamentals supporting the investment thesis for the property. Those dynamics have helped sustain interest from investors targeting existing multifamily assets in the market.
The transaction commentary also pointed to ongoing growth in Manitowoc’s manufacturing and food processing sectors as an important backdrop for rental housing demand. As employment in these industries expands, demand for family-oriented rental housing such as Evergreen Townhomes is expected to remain solid, supporting continued investor attention to both established communities and potential new multifamily development in the area.
While full terms of the transaction were not disclosed beyond the purchase price and per-unit valuation, the sale of Evergreen Townhomes illustrates continued investor activity in Midwest secondary markets where fundamentals are supported by stable employment drivers and relatively low vacancy. Marcus & Millichap’s role in marketing the property, representing the seller, and sourcing the buyer reflects ongoing brokerage engagement in connecting out-of-state owners with locally focused capital in markets like Manitowoc.
