By Katherine Davis | Associate Editor | Chicago Business Journal
Two Chicago real estate investment companies have acquired a multifamily property portfolio in Milwaukee for $16.2 million. Becovic and Next Realty purchased the 14-building, 232-unit portfolio from Wiegand Enterprises, which owned the portfolio for about 20 years.
The properties are within a one-mile radius of Marquette University along Wisconsin Avenue, Wells and Michigan Streets.
They include a mix of low and mid-rise market rate and student housing units, ranging from studios to four-bedroom units. At the time of the sale, the properties were 95% leased, according to a statement from Becovic, which primarily owns multifamily properties throughout Chicago’s Northside.
The Milwaukee properties aren’t the first venture in the area for Next Realty. The company said it already owns four retail centers in the city’s metro area. In 2016, the company bought South Towne Center at 3700 S. 27th St. in Milwaukee for $6.6 million, the Greenfield Towne Center at 6100 W. Layton Ave. in Greenfield for $3.95 million, and Autumn Grove Plaza at 12850 W. Blue Mound Road in Elm Grove for $6.12 million. All three properties were sold by Milwaukee’s Zilber Property Group.
Next also owns Hillside Terrace at 2728-44 Hillside Drive in Delafield.
“This acquisition, and the joint venture partnership, help us to further execute a multi-solution strategy where we acquire multifamily, retail, office and industrial properties in select markets with diverse income streams,” said Andy Hochberg, CEO and managing principal at Next Realty, in a statement. “In partnering with Becovic, we are also able to immediately establish a strong operational presence in Milwaukee’s multifamily market and further develop our Next Equity Joint venture program.”
Becovic and Next Reality said there is opportunity to upgrade certain buildings and units, as well as common areas and amenities, which will allow them to increase rental rates over time.
The full list of properties include:
805-11 N. 22nd St.
833 N. 21st St.
825 N. 22nd St.
2125 W. Kilbourn Ave.
853 N. 21st St.
819-21 N. 21st St.
2128-30 W. Wells St.
2103 & 2113 W. Kilbourn Ave.
2112 W. Wells St.
2435 W. Wisconsin Ave.
2217 W. Wisconsin Ave.
2311 W Wisconsin Ave.
2335 W Wisconsin Ave.
2807 W. Michigan St.