Berkadia facilitated the sale of Cobblestone Creek and Fountain Ridge, two multifamily properties in Pleasant Prairie in Kenosha County in Southeast Wisconsin.
Senior Managing Director Pete Evans of Berkadia Chicago and Senior Director Richard Evans of Berkadia Milwaukee led the transaction on behalf of the seller.
Senior Managing Directors Laura Cathlina and Chris Blechschmidt and Senior Director Emily Stang of Berkadia Chicago arranged $69.042 million in acquisition financing through Freddie Mac on behalf of the buyer, Illinois-based Santefort Real Estate Group. The deal closed on February 11.
Cobblestone Creek, available for the first time, is a four-building, 164-unit value-add multifamily community located at 9300 Prairie Ridge Blvd. Built in 2013 to 2015, the property features 1:1 underground garage parking and 70 (43%) two-story interior loft-style units, as well as 59 distinct floor plans. Units offer unique features such as skylights, large in-unit laundry rooms, half-baths, snack bars, and pantries.
Fountain Ridge, also available for the first time, is a 13-building, 262-unit, value-add multifamily community located at 8929 83rd Street. Built in 2017 to 2019, the property includes 174 one- and two-story units in three common-entry corridor buildings with 1:1 underground garage parking, including 45 (26%) two-story interior loft-style units. The community also includes 88 (34%) direct-access one- and two-story townhome units, all with attached garages, in 10 separate two-story buildings of eight or 10 units each.
Both properties have the distinction of being consistently fully occupied. Each presented exceptional value-add upside and demand drivers, along with the opportunity to implement immediate revenue generators.
Located in the booming I-94 Corridor of SE Wisconsin / Kenosha County, the job growth herein has been massive, with major expanding employers: ULINE Corporate HQ (5 minutes west), Amazon, SC Johnson, Haribo, Lilly, Abbott, Abbvie, Baxter, and noted health systems.
