CBRE has arranged the sale of St. James Place and Arbor Ridge Apartments, a 374-unit multifamily portfolio located in Milwaukee. The buyer purchased the properties from Weidner Apartment Homes for $60 million.
Sean Beuche, Matson Holbrook and Gretchen Richards of CBRE represented the seller in the transaction. Jim Flinn of CBRE’s Affordable Housing Debt and Structured Finance team secured financing on behalf of the buyer.
St. James Place, located at 10300 Fountain Ave., and Arbor Ridge Apartments, located at 7960 N. 107th St., are less than a quarter mile apart in Milwaukee’s Calumet Farms neighborhood. Both properties offer convenient access to major employers, retail, dining and outdoor recreation throughout northwest Milwaukee.
St. James Place consists of 236 units ranging from 675 to 1,060 square feet. Community and unit amenities include private walk-out balconies, in-unit washers and dryers, granite countertops, nine-foot ceilings, wood-burning fireplaces in select units, an outdoor pool, a 24-hour fitness center, a yoga studio, a resident clubhouse, sports courts, a grill and picnic areas and a tanning salon.
Arbor Ridge Apartments consists of 138 units ranging from 788 to 1,125 square feet. Community and unit amenities include private entrances, vaulted ceilings, stainless steel appliances, in-unit washers and dryers, attached garages in select units, an outdoor pool, a 24-hour fitness center, a business center, a resident clubhouse and a tanning salon.
