PPR Capital Management acquired The Villas at Foxwood, a 232-unit townhome-style multifamily community in Brown Deer, Wisconsin, approximately 15 minutes northwest of downtown Milwaukee.
This $38.3 million acquisition represents PPR’s first investment in the Milwaukee Metropolitan Statistical Area (MSA) and marks the firm’s expansion into the upper Midwest region.
The property spans 21 acres and features amenities including private entrances, attached garages, fireplaces, and in-unit washers and dryers. With current rental rates below market value, The Villas at Foxwood presents a compelling value-add opportunity. PPR plans to implement modernized unit upgrades such as stainless-steel appliance packages and premium flooring.
The Milwaukee MSA demonstrates robust multifamily performance metrics, ranking as the nation’s 8th lowest vacancy rate at 5.6% according to CoStar. The market achieved 2.4% rent growth, outpacing the national average of 1%. With limited new supply projected for 2025 and beyond, coupled with favorable housing affordability dynamics, Milwaukee is well-positioned for continued strength.
The investment structure includes a total equity investment of $19.4 million, with PPR contributing over $18 million as the primary equity partner. PPR worked alongside Archstone Capital as the General Partner and Harmoniq Residential as both Co-GP and property manager for the 1990-constructed community.
In addition to Christopher Cordes, the PPR project team includes Peter Kelley, Associate Counsel, Jared Floryshak, Paralegal.
