A joint venture partnership between Becovic and Next Realty, two Chicago-area real estate investment and management firms, has acquired a 14-building, 232-unit multifamily portfolio within a one-mile radius of Marquette University in Milwaukee.
Taylor Grant with Park Equities represented the seller, Wiegand Enterprises LLC. The sale price was $16.15 million.
The stabilized portfolio includes units ranging from studios to four-bedroom apartments. At the time of the acquisition, the portfolio was approximately 95% leased.
“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, Next Realty. “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.”