JVM Realty Corp. (JVM) has acquired The Bevy, a 175-unit luxury community in Brown Deer, Wisc. According to Yardi Matrix data, the previous owner was Fiduciary Real Estate Development. The sales price was not disclosed.
Located at 8600 N. Deerwood Drive, the asset is located in a suburb of Milwaukee, a 15-minute drive north of downtown. Built in 2021, The Bevy lies on 4.8 acres. A community gathering space is currently being constructed in the area and upon completion, will include a beer garden, village square, farmer’s market and access to the Oak Leaf Trail system.
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The Bevy features a range of townhome and apartment style studio, one-, two- and three-bedroom units. Apartment amenities include elevator-serviced buildings, while townhomes feature individual two-car garages.
According to the U.S. Census Bureau, Brown Deer is currently home to 12 thousand residents with a population increase of just over 1 percent in 2021. The location is undergoing $19 million worth of road improvement to enhance traffic circulation in the area.
With the purchase of The Bevy, JVM now owns two apartment communities in Wisconsin. The Reserve, the other asset, is a 480-unit property in Kenosha. Its larger portfolio encompasses 21 communities located throughout the Midwest. Other 2022 JVM acquisitions include The Vue, a 219-unit luxury multifamily asset in Kansas, and The Residences at Hamilton Lakes, a 297-unit community in Illinois. In late 2021, JVM acquired a mixed-use development in Indiana.