|Number of units||686|
Jones Lang LaSalle Americas, Inc. ("JLL"), a licensed real estate broker, is pleased to present the 686 Portfolio comprised of three multi-housing properties located in the western Milwaukee suburbs—Plum Tree Apartments (332 homes) in Hales Corners, Ravinia Apartments (206 homes) in Greenfield, and The Woodlands of Brookfield (148 homes) in Brookfield. Totaling 686 homes, the townhome-style communities feature full amenities packages and spacious apartments with private entries, balconies/patios, washer/dryers, and garage access for 100% of homes.
Developed by Trammell Crow Company between 1989 and 1991 and institutionally-owned and managed since 2007, the properties have benefited from $5.7M in capital improvements. These immaculate communities are primed for both community amenity upgrades and a value-add renovation program for nearly all of the homes.
The portfolio has historically been highly occupied (96% as of September 2022) and is achieving an impressive 17% rent growth on T60 new lease trade outs and 7% effective rent growth since 2021. This rare portfolio opportunity offers an investor an immediate footprint in top ranked suburbs, management economies of scale from proximate locations, and nearly 100% value-add upside.
The properties can be purchased as a portfolio or separately and are available free and clear of existing debt.
- Immediate Scale (686 Units)
- Operational Efficiency (Properties are Within 20 minutes of each other)
- ~15 Minutes to Downtown Milwaukee
- Nearly 100% Interior Renovation and Community Amenity Upgrade Potential
- Townhome-style, 1,110 SF Avg Units
- Single-Family Home Features incl. Private Patio/Balcony, W/Ds in Every Unit, and One-to-One Garage Parking Ratio/Select Attached Garages
- Institutionally Owned & Managed since 2007
- Strong Household Income (1mi Radius)
- $5.7M Capex Invested Since 2017
- Available Free & Clear