New developer opens single-family rentals near Madison, Wisconsin

By Mary Salmonsen

Published: August 23, 2023

Repost from: Multifamily Dive

Property: Heyday Sun Prairie
Developer: Heyday
Architect: Vocon Partners
Location: Sun Prairie, Wisconsin
Units: 170
Rents: $1,700-$2,800
Cost: Withheld

An Arlington Heights, Illinois-based development firm founded in 2020 has opened its first-ever project, the single-family build-to-rent Heyday Sun Prairie in Sun Prairie, Wisconsin, located northeast of downtown Madison.

This marks both the first property opening for Heyday and the first build-to-rent single-family attached rental community to open in the South Central Wisconsin region, according to a press release shared with Multifamily Dive.

Construction is underway on the next phases at the 41-acre property, which will offer 170 single-level units at full buildout. The homes range from one-bedroom, one-bath floor plans to three-bedroom, two-bath layouts with private patios and covered porches. Each unit’s attached garage includes a high-speed EV charging outlet, as well as a connected multipurpose room with laundry facilities and a built-in desk.

A kitchen with wood-look flooring, a white kitchen island and stainless steel appliances.The kitchen area at a Heyday Sun Prairie home. Homes range from one to three bedrooms in size, and each one includes both a garage and a multipurpose room. Permission granted by Heyday

The property will also offer abundant green space, including a future 5-acre park. New leases will include a six-month membership to the nearby Sun Prairie Athletic Club. Chicago-based Daniel Management Group is the property’s manager.

Reaching the Midwest

Heyday Sun Prairie’s units are aimed at millennial and baby boomer renters who cannot afford to purchase a home, do not wish to purchase or are looking to transition out of homeownership, according to the press release.

“We recognized the need for innovative housing solutions in the Midwest for those wanting to transition into or out of homeownership and thus developed Heyday to provide an exceptional solution that meets their needs,” Heyday principal Ryan Swingruber said in the press release.  “Millennials and baby boomers want the space, privacy and benefits of single-family living without the hassle of ownership.”

Heyday has two more single-family rental home developments in progress. Heyday Oak Creek will comprise 130 single-family rental homes in Oak Creek, Wisconsin, directly south of Milwaukee, set to open in 2024. Heyday Cottage Grove in Cottage Grove, Wisconsin, west of Madison, will combine single-family and townhome residences on a 25-acre site, according to the company’s website.

Madison’s population has grown by 16% since 2010, according to the U.S. Census Bureau, and the city government expects its population to grow by 115,000 total between 2020 and 2050. The city is also home to the flagship campus of the University of Wisconsin, which enrolled almost 50,000 students in fall 2022.