MILWAUKEE, WI - Chicago based Tricap Residential Group,an owner and operator of multifamily communities, has closed on the acquisition of Franklin Park Apartments for a purchase price of $6,550,000. This transaction will add another 128 apartments to Tricap's existing portfolio and is their first acquisition in Wisconsin. Tricap now owns and operates apartment communities in five states.
The property will be rebranded as one of Tricap's Haven communities. Tricap will execute a value-add strategy including significant unit renovations, modernization of the common areas, and professional management practices that will maximize rents at the property.
"We are thrilled about this opportunity as this acquisition allows us to continue our execution expertise on another well-located, well maintained suburban asset," said Bryan Pritchard, President/CEO of Tricap. "The continuing trend of renting versus owning has spread to suburban submarkets, and our renovated apartment communities allow us to offer a very high-quality product at an affordable price. Combined with our focus on exceptional service, we believe we have the best value proposition for renters in the marketplace."
The investment is co-sponsored with The Wolcott Group, the fourth deal the two firms have partnered on. The acquisition was financed with a loan assumption of an existing Freddie Mac mortgage originated by Justin Nelson of Walker & Dunlop.