Marcus & Millichap Real Estate Investment Services recently brokered the sale of River’s Edge, a 340-unit luxury apartment complex in Waukesha. The sales price of $29.5 million equates to $86,765 a unit and $95 a square foot.
Matthew Whiteside, a vice president of investments in Marcus & Millichap’s Milwaukee office, represented the seller, a Waukesha-based developer, and the buyer, a large Milwaukee-based owner.
“The property is a signature award-winning multi-family asset located in Waukesha County, the most sought-after county in Wisconsin,” says Whiteside. “Occupancy in the submarket is 98 percent and during the past six months, the average occupancy at River’s Edge has been 99.4 percent.”
The 310,679-square foot property is located on 5.2 acres at 100 Corrina Blvd. in downtown Waukesha on the banks of the Fox River and adjacent to 34.5-acre Frame Park.
River’s Edge was built in three phases in 1993, 1995 and 2007. The 11 floor plans range in size from 479 square feet to 1,314 square feet and include studios, one-bedroom/one-bath units and two-bedroom/two-bathroom apartments. Rents range from $610 to $1,195 per month.
Amenities at River’s Edge include a fitness center, community rooms, underground parking, in-unit washers and dryers, dishwashers, microwave ovens and large balconies with beautiful Fox River views.