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Oaks of Shorewood

3900 N Estabrook Pkwy, Shorewood, WI, 53211-1800, US

Oaks of Shorewood_Property for Sale

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Oaks of Shorewood 2_Property for Sale

Asset description

JLL is pleased to present Oaks of Shorewood, a newly built 101-home luxury 55+ apartment community in the exclusive Village of Shorewood in the North Shore of Milwaukee. Delighting its affluent 55+ demographic, Oaks features spacious condo-quality homes plus endless amenities including an outdoor pool.


Boasting an irreplaceable parkside location, the property is just north of city limits and 10 minutes from downtown Milwaukee. Shorewood ranks #5 Best Place to Live in Wisconsin and is known for premier schools, lush parks, and million-dollar homes along the pristine lakefront.


Proving demand for this unique offering, Oaks is 99% occupied with an above-market 90% renewal rate. A new owner has the opportunity to push rents $500 to match conventional competitors.


This unbeatable opportunity benefits from a TIF reimbursement stream and is available for purchase free and clear of existing debt.

Attributes

Building area Net
112,633 sf
Occupancy
99.00%
Year built
2018

Investment highlights

Rare Investment Opportunity

  • Only Luxury, Age-Restricted Community in County; No Income Restrictions or Services
  • 7,000 SF of Premier Amenity Space + Pool
  • Neighbors High-Acuity Property
  • $5.5M Current TIF Bond Face Value*

* Bond subject to partial paydown upon sale

Untapped Rent Upside

  • 99% Occupancy; 97% Avg Occupancy Past 2 years
  • Above-Market 93% YTD Retention Rate
  • 9% Trade Outs on Recent Leases
  • Conventional Comps Achieving -$500 Rent Premium

Exclusive North Shore Location

  • #5 Best Place to Live in Wisconsin  
  • $425,0000 Avg Home Value & $112,000 Avg HHI
  • 10-Min Drive Downtown
  • Parkside Location Near Oakland Ave Shops & Dining
Oaks of Shorewood 4_Property for Sale
Oaks of Shorewood 4_Property for Sale

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Last updated
Aug 22, 2022