Spaulding Group Buys Milwaukee-Area Property

Trike Property Management sold the 199-unit community after 15 years of ownership.
Springdale Apartments

Spaulding Group has acquired Springdale Apartments, a 199-unit property in Waukesha, Wis., for $18.7 million, according to BizTimes. JLL secured a 10-year fixed-rate acquisition loan with interest-only payments through Argentic Real Estate. Trike Property Management sold the community after 15 years of ownership, Yardi Matrix Shows.

Springdale Apartments occupies nearly 14 acres at 2415 Springdale Road, near the intersection of Interstate 94 and Freeway 18, around 3 miles from downtown Waukesha. The property enables access to Milwaukee and General Mitchell International Airport. Additionally, the community is situated adjacent to a cluster of restaurants and shopping options, including Target, Blain’s Farm & Fleet and Westbrook Shopping Center.

Completed in 1969, the eight-building property encompasses a mixture of one-, two- and three-bedroom units, averaging 911 square feet. Community amenities include a swimming pool, clubroom, fitness center, volleyball court, playground and picnic area.

JLL’s Capital Markets team included Senior Vice President Brian Walsh and Associate Patrick Healy. Earlier this week, JLL arranged $44.1 million for the acquisition of a 244-unit property in Dumfries, Va.