M&R Development has entered the Wisconsin multifamily market by beginning construction on its latest project, 4200 On The Lake. The luxury multifamily community, located in the Milwaukee suburb of St. Francis, is expected to be complete by spring 2021.
The 236-unit 4200 On The Lake will offer one- and two-bedroom floorplans with most apartments equipped with balconies and some with walk-in closets. The building’s amenities will include a clubhouse with an entertainment kitchen, a coffee bar, a private lounge, a fitness center with yoga and on-demand programs, a business center, a package room, underground parking, a pet washing station, storage lockers, bike rentals and storage, outdoor grills with seating and a pool.
Located at 4200 S. Lake Drive, M&R’s project will be 5 miles south of downtown Milwaukee and near Lake Michigan and the 108-mile Oak Leaf Trail. Anthony Rossi Sr., managing partner at M&R, said in prepared remarks that downtown Milwaukee has seen a revitalization in the past few years and now offers many cultural attractions for future tenants. Rossi added that 4200 On The Lake’s location also offers an easy work commute since it is close to Interstate 94 and Milwaukee’s General Mitchell International Airport.
The project is being co-developed with Campbell Capital Group with project financing coming from CICB. Stevens Construction will be in charge of building 4200 On The Lake, while RMK Management will handle leasing and property management.
FIRST WISCONSIN PROJECT
M&R’s latest multifamily project is also its first foray into the greater Milwaukee area and Wisconsin. Rossi also said in his prepared statement that the company wanted to get into the Milwaukee market for a while due to the job growth, easy access to I-94 and the views of Lake Michigan.
Rossi explained in his prepared remarks that M&R looked at the site 20 years ago but decided to wait as the timing wasn’t right. Rossi added in his prepared statement that M&R were able to secure the best parcel on the site that is on top of a bluff with views of Lake Michigan.
While M&R are entering the Wisconsin market for the first time, the company has a portfolio filled with multifamily properties in Illinois. The Chicago-based M&R opened its 148-unit luxury community across from the Wrigley Field in October 2018 as well as its five-story rental community in Chicago’s North Shore area the year prior.