$185MM Mixed-Use Loan Sale | Washington, DC
US - Washington, DC
A$274,441,000 | 45,411 m²
Jones Lang LaSalle Americas, Inc. ("JLL"), a licensed real estate broker is pleased to present the Sub/Urban MKE Value-Add 3-Pack comprised of three multi-housing properties located in the Milwaukee metro. Totaling 310 units, the portfolio consists of two neighboring properties in Brookfield, the Norhardt Properties, and Trostel Square in Brewer’s Hills. The Norhardt Properties include Norhardt Crossing, a 139-home apartment and townhome community and Norhardt Apartments, a 72-home low-rise community. Located in Brookfield, the #1 Suburb in Wisconsin, the Norhardt Properties, which share amenities and operate as one property, neighbor a top-rated public school and the best retail corridor in the state.
East of Brookfield, Trostel Square is a 99-home mid-rise community located in the Brewer’s Hill neighborhood of Milwaukee. Residents enjoy immediate access to the Beerline B section of the Milwaukee Riverwalk, which provides connections to local breweries, parks, trails and fantastic retail.
The portfolio has historically been highly occupied (96% as of Mar 2023) and is achieving an impressive 13%+ effective rent growth since 2021. To date, Norhardt Crossing and Trostel Square have benefited from limited interior and community amenity upgrades; however, all three properties support a luxury value-add renovation program.
This 3-Pack opportunity offers a future owner(s) immediate scale in a fast-growing Midwest market and uniquely diversified holdings, locations, renter profiles, and income streams.
The properties may be purchased as a portfolio or individually and are available free and clear of existing debt.