Multifamily v Wisconsin

CBRE Capital Markets sells 144-unit apartment community in Milwaukee

  

CBRE Capital Markets has arranged the sale of Sunset Ridge, a 144-unit apartment community in northwest Milwaukee to Weidner Apartment Homes, marking the Kirkland, Washington-based company’s first acquisition in the Milwaukee market.

Patrick Gallagher, Benjamin Schmitt, Peter Langhoff and Max Schultz in CBRE’s Milwaukee office represented the seller, Mandel Group.

The buyer, which owns and operates apartment communities in 10 other states, recently acquired two properties in the city and is actively looking for more opportunities within Metro Milwaukee.

Sunset Ridge is a garden apartment community on 19.37 acres at 8183 N. 107th St. in northwest Milwaukee constructed between 1981 and 1992. The 144 apartments – a mix of one- and two-bedroom units – are spread throughout seven two-story buildings. Community amenities include a 3,000-square-foot dog park, park-like setting adjacent to the Dretzka Park Golf Course, in-unit washer and dryers, and underground parking. Mandel Group completed significant maintenance and invested substantially in the property prior to its sale.

“After 18 years of ownership we are transferring the opportunity to another high-quality apartment owner/operator who has similar interests in maintaining the quality of the property and the residential lifestyle it offers,” said Robert Monnat, chief operating officer for Mandel.

Sunset Ridge was 98 percent occupied at the time of sale.