Sale of age-restricted community in Milwaukee closes
JLL Capital Markets arranged the sale of and financing for the Oaks of Shorewood, a 101-unit luxury multi-housing community
CHICAGO, March 01, 2023 – JLL Capital Markets announced today that it has closed the sale of and acquisition financing for the Oaks of Shorewood, a 101-unit luxury, age-restricted (55+) multi-housing community in Shorewood, Wisconsin.
Weidner Apartment Homes acquired the property. JLL worked on behalf of the new owner to originate a Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
The four-story building offers a mix of one- and two-bedroom units averaging 1,115 square feet. Unit amenities include granite counters with large islands, maple cabinets, stainless steel appliances, in-unit washer and dryer, balconies and walk-in closets. The Oaks of Shorewood features 7,000 square feet of indoor amenities, including a game room with billiards, fitness center, golf simulator with kegerator, library and business center and rentable entertaining room. In addition, the property has two outdoor courtyards with a lap pool and whirlpool, two outdoor kitchens, pickleball court, dog run, fire pit and access to the Oak Leaf Trail.
The community is located at 3900 Estabrook Parkway in the exclusive Village of Shorewood in the North Shore of Milwaukee, which is ranked #5 Best Place to Live in Wisconsin. The Oaks of Shorewood is proximate to Lake Michigan and the Milwaukee River, Hubbard Park & Beer Garden, the 50-acre Estabrook Park and Village’s main drive, which is known for eclectic boutiques and trendy restaurants. The affluent area is 10 minutes from downtown Milwaukee and boasts average home values of $425,000 and an average household income of $112,000. Furthermore, the Oaks of Shorewood is the only luxury community of its kind in the county and benefits from the high barriers to entry in the North Shore submarket.
The JLL Capital Markets Investment Sales Advisory team representing the seller, Sherman Associates, was led by Director Amanda Friant, Managing Directors Wick Kirby and Mox Gunderson and Senior Managing Director Jaime Fink.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Tom Wilson and Director Mike Brady.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $20.9 billion, operations in over 80 countries and a global workforce of more than 103,000 as of December 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.