Berkadia Brokers Sale of 261 Units in the Midwest
- May 22, 2019
Berkadia’s Chicago office has facilitated the sale of two multifamily assets in Milwaukee and Indianapolis, totaling 260 units. Managing Director Ralph DePasquale, Director Parker Stewart and Senior Managing Director Alex Blagojevich brokered the sale of Franklin Park Apartments, a 128-unit multifamily asset in Milwaukee. The team, which recently brokered the $13.6 million sale of Weidner Apartment Homes in the same city, worked on behalf of sellers Brickman Real Estate and Peloton Investors. The $9.6 million deal marked Tricap Residential Group’s first acquisition in Wisconsin.
Located at 3641 W. College Ave., Franklin Park is 11 miles south of downtown Milwaukee. The community is close to Interstate 94 and within 2 miles of several dining and retail establishments. Completed in 1973, the asset encompasses 13 two-story buildings. Tricap Residential plans to execute a value-add strategy on the property, including unit renovations and rebranding. At the time of the sale, 95 percent of the one- and two-bedroom units were occupied.
The other transaction, carried out by Blagojevich and Director Chris Bruzas, involved the 133-unit Highland Pointe in Indianapolis. The team worked on behalf of seller Becovic Management Group. Fairlawn Real Estate purchased the three-building community, which was 98 percent occupied at the time of the sale.
Located at 5480 N. Michigan Road, Highland Pointe is 7 miles north of downtown Indianapolis and within 7 miles of interstates 65 and 465. Completed in 1967, the community consists of one- and two-bedroom floorplans and two- and three-bedroom townhomes. Common-area amenities include a swimming pool, three laundry facilities and covered parking.
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