A joint venture partnership between Becovic and Next Realty, two Chicago-area real estate investment and management firms, has acquired a 14-building, 232-unit multifamily portfolio within a one-mile radius of Marquette University in Milwaukee, Wisconsin.
Taylor Grant with Park Equities represented the seller, Wiegand Enterprises LLC, in the transaction. The sale price was $16.15 million.
“This acquisition, and the joint venture partnership, help us to further execute a multi-solution strategy where we acquire multifamily, retail, office and industrial properties in select markets with diverse income streams,” said Andy Hochberg, CEO and Managing Principal, Next Realty. “In partnering with Becovic we are also able to immediately establish a strong operational presence in Milwaukee’s multifamily market and further develop our Next Equity Joint venture program.”
The stabilized portfolio includes units ranging from studios to four-bedroom apartments.
“This acquisition represents the natural evolution of Becovic in leveraging the successful multifamily platform it has built in over the past 48 years, and working with select programmatic partners that have a shared vision as we expand,” said Zio Pekovic, a Principal in the joint-venture. “We look forward to expanding our presence in Milwaukee and other select markets throughout the Midwest.”
The buildings are a mix of low and mid-rise market rate and student housing units. Historically, the properties have operated at an occupancy at or above 95%, in keeping with the market. The Marquette/Miller Valley multifamily submarket has seen no new developments over the past 12 months, and multifamily inventory essentially the same over the last six years. There are no new projects currently under construction.
The Milwaukee portfolio properties include:
- 805-11 N. 22nd St.
- 833 N. 21st St.
- 825 N. 22nd St
- 2125 W. Kilbourn Ave.
- 853 N. 21st St.
- 819-21 N. 21st St.
- 2128-30 W. Wells St.
- 2103 & 2113 W. Kilbourn Ave.
- 2112 W. Wells St.
- 2435 W. Wisconsin Ave.
- 2217 W. Wisconsin Ave.
- 2311 W Wisconsin Ave.
- 2335 W Wisconsin Ave.
- 2807 W. Michigan St.