(Mark Your Calendars: RealShare Apartments 2011, October 20 in Los Angeles).
GREENFIELD, WI-Blake Capital Corp. has purchased the 344-unit Briarwick Pool Apartments located here. Jack Styza sold the property at 9050 W. Waterford Square S. for $17.8 million.
Built in 1972, the property is composed of 13 buildings. The unit mix is 128 one-bedroom units and 216 two-bedroom apartments, with amenities that include private entrances, underground parking, in-unit washer and dryer connections and a heated pool. Matthew Whiteside, a vice president of investments at Marcus & Millichap Real Estate Investment Services, represented the seller and buyer in the deal.
Vacancy has declined an entire percentage point in Milwaukee to 4%, lower than the US average of 5.9%, according to Marcus & Millichap Research Services. During a company webcast Tuesday, Hessam Nadji, managing director of the division, didn’t attribute this to intense demand, but a lack of new construction. “Minneapolis and Milwaukee are the lowest-vacancy markets in the Midwest. These two Midwestern metros feature lower vacancies than some major supply constrained coastal markets like LA, Boston, Philadelphia and Orange County,” Nadji said.
Developers aren’t expected to bring any significant new projects online for quite some time, which should keep the city’s vacancy rate low. As a result, rent growth should also be positive in the coming years, Nadji said during the webcast.
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