$17.4M sale of multi-housing community in Milwaukee
JLL Capital Markets closed the sale of the 76-unit, mixed-use Freshwater Apartments in downtown Milwaukee, Wisconsin
Chicago, August 1, 2022 – JLL Capital Markets announced today that it has closed the $17.4 million sale of Freshwater Apartments, a 76-unit, mixed-use apartment building in the Harbor District on the eastern edge of Walker’s Point in downtown Milwaukee.
JLL marketed the property on behalf of the seller, Wangard Partners, Incorporated. Bender Companies acquired the asset.
"We are excited to expand our portfolio into the Walker's Point neighborhood of Milwaukee with the acquisition of Freshwater Apartments. The strong employment growth and area demand drivers will continue to fuel apartment demand in the immediate area," said Mark Barnes, Investment Director for Bender Companies.
Built in 2017, Freshwater Apartments features studio, one- and two-bedroom units with an average square footage of 635 square feet. Units feature granite kitchen counters, stainless steel appliances, nine-foot ceilings, wood-style plank flooring, wall-to-wall windows and full-size washers and dryers. Community amenities consist of a clubroom with full kitchen, a rooftop terrace with grill stations, heated indoor parking and bike storage. The community also offers 16,645 square feet of retail, including T Mobile, UPS, Jimmy Johns and more.
Situated at 1320 South 1st St. within Freshwater Plaza, the property is proximate to full-service grocer, Cermak Fresh Market, as well as brand new developments, including UW-Milwaukee School of Freshwater Sciences and machinery manufacturer Komatsu’s new North American headquarters. In addition to the Harbor District and Walker’s Point, the property proximate from additional vibrant neighborhoods, including Third Ward and Bayview.
The JLL Capital Markets Investment Advisory team representing the seller was led by Senior Director Wick Kirby, Director Amanda Friant and Senior Managing Director Jaime Fink.
JLL’s Capital Markets group 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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About JLL
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 $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Bender Companies
Bender Companies is a Chicago-based owner-operator specializing in the acquisition and management of value-add multifamily assets throughout the Midwest. Since its inception in 2011, Bender Companies has established a proven track record of high-performing investments through strategic acquisitions, mitigating risk, and effective management.
About Wangard Partners
In 1992, Wangard began with the intention of being a different kind of commercial real estate firm, one inspired by a true passion for development. Wangard builds for communities, with communities. Wangard continues to improve the landscape of Southeast Wisconsin, not only by developing high-quality, unique properties, but by creating opportunities for job growth to build a stronger economy. It’s an interrelated operation that enriches the quality of life and creates pride in the local communities. As a result of this vision and commitment, Wangard has emerged as a leading commercial real estate firm in Wisconsin. Wangard Partners is the largest minority-owned developer in the state and has been recognized by its peers as Developer of The Year by The Daily Reporter, for a fourth consecutive year. Learn more at wangard.com.