The Reef
1215 N 62nd St, Wauwatosa, WI, 53213-2915, US
180 units
Jones Lang LaSalle Americas (Illinois), L.P. (JLL), is pleased to present Bayshore Place, a value-add apartment community located in Glendale, WI—a top suburb in Milwaukee’s North Shore. The 113-unit property is located at the heart of recently revitalized Bayshore. This open-air lifestyle center offers the best shopping in Milwaukee with 80+ tenants— including Target, Apple, Total Wine, Trader Joe’s, 16 dining options, office space, an entertainment venue, and regular community events at residents’ doorstep.
Built in 2006, Bayshore Place boasts an 84 Walk Score, spacious floor plans, and in-demand boutique amenities. Starting in 2021, Bayshore Place modernized all homes with new wood-style flooring, appliances, and select fixtures. A future owner can continue this value-add renovation program with additional enhancements to interiors and amenities to capture the untapped luxury rental demand in the exclusive North Shore. Sizable income upside also exists from continuing to stabilize and season operations at both Bayshore Place and the surrounding Bayshore complex. Bayshore Place is an unbeatable value-add investment opportunity in one of the nation’s Top 10 multifamily markets—ranking #5 and #5 for 3Q24 Occupancy and Rent Growth. The property is available free & clear of existing financing.
Amidst Newly Revitalized Open-Air, Mixed-Use Destination
• Bayshore’s $49M revitalization project completed in 2022
• 84 Walk Score
• 80+ Commercial Tenants including Target, Total Wine, Trader Joe’s, Apple, and H&M
• #2 Most-Visited Mall in WI
• Property overlooks The Yard featuring warm weather concerts & events
Sizeable Value-Add & Income Upside Remaining
• ~$200 / 10% rent discount to new luxury neighbor
• Opportunity to launch new luxury interior renovation scope and add and revamp amenities
• Management upside incl. operational stabilization & efficiencies
• $1.2M invested in interior & common area upgrades from 2021-2022
Excellent Property & Market Momentum
• Bayshore Place is achieving 7.4% trade-outs
• Milwaukee Ranked #5 in US for 3Q24 Effective Rent Growth (2.9%)
• Milwaukee Ranked #5 in US for 3Q24 Occupancy (95.9%)
• No new supply coming in North Shore submarket
Rare Rental Opportunity in Posh North Shore
• Attractive price point—1.8x more expensive to buy vs rent at Bayshore Place
• $171,000 avg area income—13% inplace rent-to-income ratio
• #11 Best Suburb in Milwaukee; Borders exclusive #3 Ranked Whitefish Bay
• 7 min to Nicolet High School—Top 6% of schools nationally per US News
• 15 min to downtown Milwaukee
• 5 min to Lake Michigan