Five years after ground was broken on the apartment complex known as Treysta on the Water, the property has been sold and the name changed.
H.A. Langer & Associates of Chicago purchased the property at the end of July for $25.5 million, just a little less than the 2019 assessed value of $25.94 million and $1 million less than the asking price of $26.5 million. Robin Pharo, founder of the Tryesta Group in Mount Horeb, was the building’s original owner.
Jeff Swhier, manager at H.A. Langer & Associates, said the first order of business was to change the name to Yahara Terrace, noting that Pharo wanted to keep the name Treysta for her business.
“We’ve been managing apartments in Madison for about 20 years now,” Swhier said. “We have more than 700 units in the area. Monona is a really nice location.”
H.A. Langer & Associates owns High Point Woods on the Madison’s west side and 306 West near the Capitol. It also owns a few smaller properties.
“We’re always looking for buildings and sites that can’t be easily duplicated,” Swhier said. “The views out on to the water are amazing.”
Yahara Terrace, 320 W. Broadway, encompasses about 135,000 square feet of building space on 3.6 acres of land. Of the 129 units, 124 are apartments and five are commercial units. Under the previous owner, it boasted a 96 percent occupancy rate.
Other than the name change, most other changes by the new owner will be cosmetic. However, the café in the lobby will go away.
“That won’t be continued,” Swhier said. “Waypoint (Public House) is a great restaurant in the building, and you can pretty much walk to the grocery store, so we didn’t really see it as a need. We’ll come up with another use for the space.”
In addition to Waypoint, Yahara Terrace is also home to IGive100 Fitness and Monona Yoga Center.
Swhier said the building’s office area will be enlarged, more and new equipment will be added to the fitness center, and maintenance will be given a boost.
“There will now be a full-time maintenance supervisor on site at the property where previously they only had maintenance staff at the building a couple days a week,” he said.
H.A. Langer & Associates manages all of its own properties. Including the Chicago buildings, the company has more than 2,000 units under its umbrella. The company itself has been around for more than 50 years.
Bill Perkins, general manager, has been with the firm since 1980, and Swhier joined in 2009.
In the early 2000s, company leaders started searching the markets outside of Chicago in which to invest.
“We purchased High Point Woods in 2001,” Swhier said. “We tend to be long-term holders, and we expect that to be the same with Yahara Terrace.”
Swhier said H.A. Langer & Associates first considered buying the Monona apartments in the spring.
“We’re always looking for new properties, but we’re not actively negotiating anything right now,” he said. “That doesn’t mean we couldn’t buy something by the end of the year.”
Swhier said he doesn’t consider Yahara Terrace and the other company-owned apartments to be the top of the line luxury apartments.
“We use the term affordable luxury,” he said. “They are nice, well-maintained buildings.”
Amenities include underground parking, indoor and outdoor common areas, a pet spa, a rooftop patio, boat slips and more.