CBRE Arranges $60 Million Sale of 374-Unit Milwaukee Multifamily Portfolio

CBRE has arranged the sale of St. James Place and Arbor Ridge Apartments, a 374-unit multifamily portfolio located in Milwaukee. The buyer purchased the properties from Weidner Apartment Homes for $60 million.

Sean Beuche, Matson Holbrook and Gretchen Richards of CBRE represented the seller in the transaction. Jim Flinn of CBRE's Affordable Housing Debt and Structured Finance team secured financing on behalf of the buyer.

"Milwaukee continues to attract out-of-area institutional capital and this portfolio reinforces it," said Beuche. "Weidner operated these assets with discipline and care and the purchaser brings the operational depth and long-term conviction to build on that foundation. This was a well-matched transaction between two stellar owners."

St. James Place, located at 10300 Fountain Ave., and Arbor Ridge Apartments, located at 7960 N. 107^th St., are less than a quarter mile apart in Milwaukee's Calumet Farms neighborhood. Both properties offer convenient access to major employers, retail, dining and outdoor recreation throughout northwest Milwaukee.

"CBRE's relationship with Weidner on these properties stretches back well over a decade, when the team's now-retired colleague Patrick Gallagher first introduced Weidner to this portfolio and was instrumental in their original acquisition alongside Sunset Ridge, which they sold in a separate transaction earlier this year," added Beuche.

St. James Place consists of 236 units ranging from 675 to 1,060 square feet. Community and unit amenities include private walk-out balconies, in-unit washers and dryers, granite countertops, nine-foot ceilings, wood-burning fireplaces in select units, an outdoor pool, a 24-hour fitness center, a yoga studio, a resident clubhouse, sports courts, a grill and picnic areas and a tanning salon.

Arbor Ridge Apartments consists of 138 units ranging from 788 to 1,125 square feet. Community and unit amenities include private entrances, vaulted ceilings, stainless steel appliances, in-unit washers and dryers, attached garages in select units, an outdoor pool, a 24-hour fitness center, a business center, a resident clubhouse and a tanning salon.