PPR Capital Buys Outside Milwaukee
This is the buyer's first investment in the Upper Midwest.
PPR Capital Management has completed its $38.3 million purchase of The Villas at Foxwood, a 232-unit townhome-style community located in Brown Deer, Wisc., a suburb of Milwaukee. This is PPR’s first investment in the Upper Midwest.
The acquisition includes a total equity investment of $19.4 million, with $18 million contributed by PPR. Archstone Capital is serving as the General Partner for the investment, and Harmoniq Residential is both a Co-GP and property manager. Following the purchase, PPR intends to modernize units with new flooring and stainless-steel appliance packages.
The Villas at Foxwood was built in 1990 and spans 21 acres. The homes have private entrances and attached garages, as well as interiors that include fireplaces, washers and dryers. The community is located about 15 minutes northwest of downtown Milwaukee.
“We’re particularly drawn to Brown Deer’s proximity to downtown’s revitalization efforts and the expanding amenities along the Lake Michigan corridor,” said Christopher Cordes, PPR’s director of multifamily investments.
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Rental housing economist Jay Parsons pointed out that Milwaukee now ranks among the nation’s rent growth leaders despite not posting similar metrics for population or job growth.
“Milwaukee presents compelling fundamentals that align perfectly with our investment criteria, featuring strong population growth and a robust rental market with limited new supply,” Christopher Cordes, Director of Multifamily Investments at PPR Capital Management told Multi-Housing News.
PPR’s pursuits
In March, Center Creek Capital Group combined with PPR Capital Management for the $87 million purchase of The Highline at Knoxville, a single-family rental community being built in two phases.
The transaction included a total equity investment of $26.6 million, with PPR contributing $25 million as the primary equity partner. The purchase marks the firm’s first BTR investment and second property in Tennessee.
