The Reef_Actifs en vente
The Reef_Actifs en vente
1215 N 62nd St, Wauwatosa, WI, 53213-2915, US

The Reef

Description de l'actif

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.


Caractéristiques de l'actif

Nombre d'unités
180 Unité de mesure
96 %
Année de construction
Places de parking


Points clés d'investissement


• #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


• A+ Overall Niche Rating

• #2 Best Suburb for Young Professionals

• #15 Best Milwaukee Suburb per

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

• 10-min drive to downtown & Fortune 500 Employers


• 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.


• 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_Actifs en vente
The Reef 4_Actifs en vente

Contacter l'équipe

The Reef (0 actifs)
Vous avez des questions ? Consultez notre page FAQ
Voir la page FAQArrow Right
JLL peut vous accompagner dans le financement et la gestion de votre portefeuille. Contactez-nous pour découvrir comment nous pouvons vous aider.
Dernière mise à jour
8 nov. 2023