Waukesha Investors LLC is an investment in a stabilized, cash flowing apartment community. The eight building, 199-unit, multi-family rental property is located on 13.9 acres of land in Waukesha, Wisconsin, 20 miles west of downtown Milwaukee, with excellent access to recreation, transportation, employment centers and abundant high-quality retail. The mature landscape and open courtyards create a welcoming atmosphere for residents, and the property offers great access to many recreational activities offered by Waukesha County and the entire Great Lakes region. The property, named Springdale Apartments, is made up of garden-style apartments in one of the top suburban areas of Milwaukee. The previous owner completed a comprehensive renovation of the 1972 property and this has positioned the apartment community well within the market; however, we believe there is room to improve with additional minor cosmetic upgrades.
Springdale Apartments is a unique rental community consisting of one-, two- and three-bedroom apartment units that average 872 square feet. The community features a heated outdoor swimming pool, clubroom, fully-equipped fitness center, volleyball court, playground and picnic area. The eight buildings have pitched roofs with brick and vinyl exteriors. The beautifully landscaped community features ample parking and has excellent access to downtown Milwaukee. Our development partner on this project is the Wisconsin-based Spaulding Group. They have placed a lead property manager on site that has had successful experience managing a large multi-family project. While the community is in good condition, they are in the process of making improvements to the unit interiors, common areas, exteriors and grounds of the property. While these improvements are being made the property is cash flowing to investors.
Named by “Money Magazine” as one of America’s top 100 cities to live in, Waukesha is an upscale suburb of 70,000 residents less than 20 minutes west of downtown Milwaukee. The community is in close proximity to numerous retail shops including Sam’s Club, Target, Menards, Majestic Cinema, Home Depot and many restaurants and entertainment options. Brookfield Corners shopping center is 1.4 miles away and features Lululemon, Wahlburger, Von Maur department store, Cyclebar, Arhaus and numerous other stores. Waukesha has an average income of over $60,000 and strong schools. The Springdale community is a “B” class property in an “A” class area demographically, which is an ideal situation. The property is also surrounded by other similar class “B” rentals that all have higher rents on a per square foot basis, making Springdale a more affordable option for a similar quality community in a great location.
This apartment community was purchased in December 2019.