The Reef_Property for Sale
The Reef_Property for Sale
1215 N 62nd St, Wauwatosa, WI, 53213-2915, US

The Reef

Asset Description

JLL is pleased to present The Reef Apartments, a 180-unit core-plus apartment community in the premier Milwaukee suburb of Wauwatosa. An investor has the opportunity to increase rents at the property both organically and through value-add. The property has performed exceptionally well maintaining average occupancy of 99% over the last 2 years and is achieving 16% rent growth on new leases over the last 3 months. Additional upside may be achieved through expanding the community amenities and via interior upgrades. Since delivering in 2016, this property has consistently boasted a Top 10 ORA Rating for the state. The Reef offers two building styles— stacked flats and apartments—and a range of floor plans from efficient studios with built-ins to spacious three bedrooms with private entries and attached garages. The 9-acre site bordering pre-historic Schoonmaker Coral Reef features a clubhouse and leasing center, an oversized heated pool with sundeck, and a dog park. Situated in beloved “Tosa” Village, The Reef is walkable to three grocery stores and quaint dining, shopping, and community events. The Reef is also a short 7-minute drive to the Milwaukee Regional Medical Center (“MRMC”) and the Milwaukee County Research Park, which is home to GE Healthcare. Not surprising, one-third of Reef residents work at one of the six healthcare institutions at the MRMC. Beyond healthcare, residents benefit from a quick commute to top downtown employers including Northwestern Mutual, Fiserv, and Milwaukee Tool. This unbeatable opportunity is available free and clear.

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Attributes

Number of units
180 units
Occupancy
96%
Year built
2016
Parking spaces
276

Media

Investment Highlights

OUTSTANDING PROPERTY PERFORMANCE

• #5 Best Apartment Community in Wisconsin per 2023 ORA Rankings

• 96% Current Occupancy; 99% Avg Occupancy Since Aug 2021

• 16% Rent Growth on Trade Outs and 7% on Renewals (T3 Months)

• 71% YTD Retention Rate


SUPERIOR WAUWATOSA SUBURB

• A+ Overall Niche Rating

• #2 Best Suburb for Young Professionals

• #15 Best Milwaukee Suburb per Niche.com

• Steps to three grocery stores and parks, 15-min walk to beloved Tosa Village

• 10-min drive to downtown & Fortune 500 Employers


HEALTHCARE-CENTRIC RESIDENT BASE

• 7-min drive to Milwaukee Regional Medical Center & Milwaukee County Research Park

• 32% work at the Milwaukee Regional Medical Center and/or in Healthcare

• Strong Avg Resident Household Income of $122,000

• Other notable resident employers include GE Healthcare, Northwestern Mutual, Milwaukee Tool, Fiserv, Molson Coors, etc.


COMPELLING CASE FOR VALUE-ADD

• Excellent quality construction and features including attached garages, private entries, built-in shelving and storage, outsized kitchens in select units

• A potential value-add program including new community amenities and upgraded interiors could achieve a $150 rent premium

• Only one project proposed (<200 units) in high barrier-to-entry Tosa Village

• Current 18% Rent-to-Income Ratio indicates room to push rent with existing residents

• Renting at the Reef is 54% more affordable than purchasing a $364K Wauwatosa home with a current mortgage

The Reef 4_Property for Sale
The Reef 4_Property for Sale

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Last updated
8 Nov 2023