JVM Expands in Milwaukee
The community is the company's third southeast Wisconsin purchase.
JVM Realty Corp. has acquired Mayfair Reserve, a 236-unit apartment community in Wauwatosa, Wis., for $53.5 million, as reported by Biz Journals. The seller, Atlantic Residential, developed the property with Edge Principal in 2017.
Located at 11011 W. North Ave., in suburban Milwaukee, the community is located on nearly five acres. The property offers one- and two-bedroom units.
Unit amenities at Mayfair Reserve include open kitchens with stainless steel appliances and quartz countertops, high-end lighting and plumbing fixtures, plank flooring and full-sized washers/dryers. Some units feature private patio or balcony options and frameless glass showers.
Common-area amenities include a 24-hour fitness center with yoga and spin studio, clubhouse with entertainment dining and a coffee bar, a pool with a sun lounge and cabanas and an outdoor kitchen with grilling stations. There is a dog park and pet washing area. The property’s garage is climate controlled, with 472 parking spaces and an electric vehicle charging station.
Rents at the community are growing. In 2024, the average rent at Mayfair Reserve was $1,907 a month, according to Yardi Matrix data. In 2020, the average was $1,420 a month.
The property is the third community for JVM in southeast Wisconsin and will be rolled into the company’s property management platform. All together, JVM now owns and manages 22 communities in the Midwest, including properties in Illinois, Indiana, Kansas, Missouri and Wisconsin.
Milwaukee multifamily still tight
Rents have increased in recent years in the Milwaukee multifamily market, according to a recent Marcus & Millichap report. In 2020, the market average was about $1,200 a month. By 2024, that average was nearly $1,600, though by that year, the rate of increase had dropped to around 3 percent, down from a nearly 10 percent increase in 2021.
The market is still fairly tight. The area’s vacancy rate averaged 4.1 percent in 2024, up a slight 10 basis points from the 2023 average, but still representing a significant increase from 2021 when the average vacancy was only a little over 2 percent, according to the same report. Average sales prices for metro Milwaukee multifamily assets are higher than they were, at about $120 per square foot in 2024, up from around $90 per square feet in 2021.
Some 30 miles northeast of Downtown Milwaukee, Azura Living is developing a 72-unit assisted living and memory care community. Azura Mukwonago will rise on a 6.4-acre site south of Chapman Farm Boulevard, just west of Highway 83. Completion is expected by December 2025.
