$17.4 million sale of multihousing community in Milwaukee

JLL Capital Markets closed the sale of the 76-unit, mixed-use Freshwater Apartments in downtown Milwaukee, Wisconsin

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Freshwater Apartments
JLL closed the $17.4 million sale of Freshwater Apartments, a 76-unit, mixed-use apartment building in the Harbor District in Milwaukee.

JLL Capital Markets announced 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 South1st  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.