UW-Milwaukee Student Housing Development Fetches $8.3M
- Feb 27, 2018
Eenhorn has acquired The Park at 1824, a 61-unit, 173-bed student housing development near the University of Wisconsin Milwaukee in Milwaukee from Wangard for $8.3 million.
Triad Real Estate Partners represented the seller in the transaction.
“The differentiator is that it’s the only purpose-built student housing building in the market,” Sean Lyons, Triad Real Estate Partners’ partner, told MHN. “Most of the other stuff around there is older multifamily apartments. That makes this the crown jewel of the submarket.”
Originally built in 2009, the property serves the university’s student-base, which currently boasts a little more than 26,000 students.
The all-inclusive units are fully furnished and come in two- and three-bedroom floor plans. Amenities include a large common area, a 24-hour fitness center, on-site laundry facilities and a billiards table. The apartments are also pet-friendly.
“It has a game room and movie room, and most of the other apartments in the area don’t have anything like these amenities,” Lyons said.
The development is located less than five blocks from campus and close by the popular North Ave. strip, which has numerous bars and restaurants. It’s also not far from Lake Michigan.
The property originally went to market last summer at a price Lyons noted was initially a “little high,” and while a lot of people looked at it, there wasn’t interest at the price it was going.
“It took probably twice the amount of time that one of our normal deals would take because it took a little while for our sellers to conform to the market,” he said. “We got a great price for them.”
Triad Real Estate Partners have closed more than 225 transactions in 15 states covering nearly 10,000 multifamily and student housing units with an aggregate value of more than $1 billion.
Eenhorn is planning to make cosmetic upgrades to the common areas and bring in its own management company.