CHICAGO, IL – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and arranged acquisition financing for River’s Cove Apartments, a 112-unit multi-housing community in the Milwaukee suburb of Germantown, Wisconsin.
The HFF team marketed the property exclusively on behalf of the seller, Mandel Group, Inc., and procured the buyer, Weidner Apartment Homes. Additionally, HFF worked on behalf of the new owner to secure a 12-year, fixed-rate, Fannie Mae acquisition loan through M&T Realty Capital Corporation.
River’s Cove is nestled between Hupt Strausse Park and Blackstone Country Club at W172 N11392 Division Road in Germantown. The nearly 11-acre property overlooks the Menomonee River and is approximately 20 miles northwest of the Milwaukee CBD. In addition, River’s Cove is accessible to major employers at Germantown Industrial Park, one of the largest industrial parks in Wisconsin, as well as two Fortune 500 Companies, the 350-acre Germantown Business Park and several top healthcare providers. Homes average 1,062 square feet and include washers and dryers, fireplaces, and balconies or patios. Community amenities include a picnic area and pond, garage parking, golf course and waterfront views, and quick access to nearby walking/biking trails. The property provides additional upside to the buyer through the completion of an interior renovation program and was 98 percent occupied at closing.
The HFF investment advisory team representing the seller included senior directors Wick Kirby and Kevin Girard, managing directors Sean Fogarty and Marty O’Connell, senior managing director Jaime Fink and executive managing director Matthew Lawton.
HFF’s debt placement team representing the new owner included senior managing director Tom Wilson and senior director Jason Bond.
About Mandel Group, Inc.: Mandel Group, Inc. is an integrated real estate services firm with operations in development, construction, and property management. The firm is recognized as the premier residential multi-family developer in the greater Milwaukee area. Its acquisitions include properties in Wisconsin, Minnesota, Kansas, Missouri and Iowa. For more information, visit mandelgroup.com
About Weidner Apartment Homes: Weidner Apartment Homes was founded in 1977 by Dean Weidner. With a commitment to providing quality apartment home living for all of its residents, Weidner Apartment Homes is currently ranked 15th on NMHC’s top 50 list of apartment management companies and has 52,000 units throughout the U.S. and Canada.
About M&T Realty Capital Corporation: M&T Realty Capital Corporation (mandtrcc.com) is a wholly-owned commercial mortgage-banking subsidiary of Manufacturers and Traders Bank, better known as M&T Bank Corporation. Founded in 1856, M&T Bank Corporation (mtb.com) is one of the 20 largest U.S. bank holding companies, with more than 750 branch offices and 1,800 ATMs in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and Washington, D.C.
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.