Next Realty LLC launched its Next Realty Fund X, LP with the acquisition of Dolphin Square Apartments in suburban Milwaukee.
Dolphin Square Apartments, at 10300 West Bluemound Road in Wauwatosa, Wisconsin, an infill Milwaukee suburb, is a 64-unit, fully occupied multifamily complex. Unit mix includes studios, one- and two-bedroom units. The three-story plus basement building also includes 88 indoor heated parking spaces.
Next Realty plans to complete a renovation program that was initiated by the previous owner. The building includes a brand-new roof, new Pella windows and exterior siding, addition of high-efficiency boilers, a complete renovation of the common areas and a refresh of the lobby. In addition to the exterior upgrades, several of the units have been renovated.
Next intends to continue with the renovation program of the remaining units. These anticipated cosmetic improvements will include installation of new appliances, kitchen cabinets, plumbing fixtures, new bathroom vanities and tile, and updated flooring.
The sale was arranged by Founders 3; the acquisition was financed by Landmark Credit Union.
With the acquisition of Dolphin Square, Next Realty and its affiliates now own four assets totaling more than 150,000 square feet and nearly 300 apartment units including a 12-building portfolio near Marquette University.