Milwaukee Value-Add Community Changes Hands
- Mar 26, 2019
Weidner Apartment Homes has acquired Latitude Apartments, a 90-unit Class B community with 6,925 square feet of retail in Milwaukee, Wis. The property traded for $13.6 million. Berkadia brokered the transaction on behalf of the seller, an entity managed by Dermond Property Investments.
Located at 1857 E. Kenilworth Place in the Lower East Side neighborhood, Latitude is near interstates 45 and 794, with General Mitchell International Airport 10 miles away. The property has restaurants, micro-breweries and shopping options within walking distance, as well as direct access to the Oak Leaf Trail. According to Yardi Matrix data, the four-story building comprises studios and one-bedroom apartments, the occupancy rate being 88.9 percent as of February. Amenities include a rooftop terrace, clubhouse and fitness center, as well as 90 parking spaces.
“Built in 2010, Latitude offered good amenities and nice, but more basic finishes, by today’s standard”, said Ralph DePasquale, managing director of Berkadia, in prepared remarks. “Given the location, this created a great opportunity to complete cosmetic upgrades to add value and one of the reasons there was significant interest from a number of qualified investors”.
DePasquale, together with Managing Director Alex Blagojevich and Director Parker Stewart of Berkadia’s Chicago office represented the seller.
Just a few days ago, Weidner Apartment Homes also purchased a 316-unit Class A community in Phoenix for $84.2 million.
Image courtesy of Yardi Matrix