M&R Development Opens 270-Unit Elevate in Madison, Wis., Becomes Firm’s Second Luxury Rental to Deliver in Wisconsin in 2021November 12, 2021
M&R Development has begun welcoming its first residents to Elevate, a new 270-unit luxury apartment building at 5022 American Parkway in Madison, Wis. Located approximately 20 minutes from downtown Madison, Elevate marks M&R’s second new apartment building to open in Wisconsin in 2021. This summer, the company delivered 42 Hundred On The Lake, a 236-unit Class A apartment building on Lake Michigan in St. Francis, Wis., just 5 miles south of downtown Milwaukee.
“We couldn’t be happier with how our first two ground-up projects in Wisconsin turned out, and the timing couldn’t have been better for residents, many of whom have been opting to work remotely and were in desperate need for a new work-from-home environment conducive to their needs,” said Anthony Rossi, Sr., managing partner for M&R Development. “While Madison’s east side has seen an influx of new businesses and increased job growth, it’s lacked new Class A housing stock. With Elevate, renters can find the extra space and great on-site amenities that enhance their new hybrid or remote-work lifestyle – from units that offer private terraces and plenty of room for a home office, to the building’s clubroom with its fitness center, pool and entertainment areas.”
A four-story building, Elevate offers one- and two-bedroom apartments with one to two baths, measuring 590 to 1,254 square feet. Rents range from $1,205 to $3,199 and include upscale interior unit finishes and resort-style amenities that have appealed to students, professionals, young families and empty nesters looking for a stylish and maintenance-free home. In less than two months, phase one of Elevate is already 27% leased and more than 23% occupied.
All homes at Elevate feature kitchens with white quartz counters, tiled backsplash and modern cabinetry; cultured marble bathroom sinks with an integral wave bowl and subway tile design for the tub and shower surrounds; Ecobee smart thermostats; 9-foot ceilings; and full-size washers and dryers. Most apartments have balconies, while select units include walk-in closets. Residents also have access to underground, heated parking and storage lockers.
The centerpiece of the community is a two-story clubhouse, complete with an outdoor pool, grilling stations, fire pit and lounge seating. Inside, the clubhouse includes an entertainment kitchen; 24-hour coffee bar; state-of-the-art fitness center with cardio and weights; fitness studio/yoga room featuring on-demand programs; business center with private conference rooms and work stations; a pet washing station with grooming table and dryer; and a self-service package room with 24-hour access. An activity courtyard, which will feature a grilling station, bocce ball and bean bag courts, fire pit and table tennis, is located at ground level adjacent to the clubhouse.
Two decorated models are available for touring – a 632-square-foot one-bedroom design and a 1,057-square-foot two-bedroom floor plan.
According to Rossi, Elevate is meeting the pent-up demand for new apartments in the area given the building’s proximity to the American Family Insurance headquarters and a new University of Wisconsin-Madison health clinic that recently opened in the area. “More than 70% of Madison residents commute to work via car, but that’s most likely out of necessity,” said Rossi. “Elevate provides a new housing option for employees of these nearby businesses who would prefer to walk to work,” said Rossi.
And for residents who enjoy biking to work or any of the multiple parks near the community – such as Cherokee Marsh Conservation Park, Toney Creek County Park or Northeast Green Space – Elevate offers a complimentary bike sharing service as well as a large bike storage area and repair station.
As the state capital and home to the University of Wisconsin, Madison was recently named as Livability’s best place to live in America in 2021. Residents of Elevate will be close to everything the city has to offer, including shops, dining, cultural and recreational attractions, civic buildings, world-class health facilities and higher education. Just a short distance from the community is East Towne Regional Mall, Dane County Airport and UW Orthopedic Hospital, while the UW-Madison campus, capitol building and downtown Madison are approximately 20 minutes away by car.
Madison, Wis.-based Stevens Construction is serving as general contractor for Elevate with Midlothian, Va.-based Poole & Poole Architecture as the architect.
M&R Development is co-developing Elevate with Campbell Capital Group, LLC, while the award-winning RMK Management is overseeing leasing and property management.
About M&R Development:
Founded in 1996 by Tom Moran and Anthony Rossi, Chicago-based M&R Development is a developer of Class A rental communities, ranging from garden-style and mid-rise buildings to urban high-rises. Over the past 22 years, the company has developed 19 properties with over 4,781 apartment units in the greater Chicago area, as well as two Wisconsin properties located in Madison and Milwaukee.