CHICAGO and MILWAUKEE – April 25, 2022 –Berkadia announced today the sale of the Dermond Milwaukee Portfolio, a collection of three multifamily assets totaling 138-units located in Milwaukee and Mequon, Wisconsin. Managing Director Ralph DePasquale, Senior Managing Director Pete Evans and Director Jack Maloney of Berkadia Chicago and Senior Director Richard Evans of Berkadia Milwaukee completed the $34.1 million sale on behalf of the seller, Wisconsin-based Dermond Property Investments. The buyer was a Nevada-based private family office, and the transaction closed on April 8.
“It is rare to find a portfolio of high-quality, boutique apartment assets in such dynamic locations of Milwaukee,” said DePasquale. “We saw tremendous interest in the portfolio from local, regional and national investors, which should be a great, long-term investment for the new owner.”
The properties in this portfolio include:
Artesa Apartments is a 33-unit property located at 11130 N Buntrock Ave. in Mequon, Wisconsin. The property features one-, two- and three-bedroom floor plans with walk-in closets, in-unit washers and dryers and private balconies or patios. Community amenities include a fitness center and large clubroom. The property affords residents convenient access to the Ozaukee Country Club, Lake Michigan and the shops and restaurants near Route 57.
Avante Apartments is a 36-unit property located at 1601 N Jackson St. in Milwaukee, Wisconsin. The property features studio floor plans with private balconies. Community amenities include a fitness center. The property affords residents convenient access to McKinley Beach, the Milwaukee Art Museum and the shops and restaurants in downtown Milwaukee.
Vue Apartments is a 69-unit multifamily property located at 2202 S Kinnickinnic Ave. in Milwaukee, Wisconsin. The property features studio, one- and two-bedroom floor plans with walk-in closets and in-unit washers and dryers. Community amenities include a fitness center and indoor parking. The property affords residents convenient access to Humboldt Park, South Shore Yacht Club, General Mitchell International Airport and the shops and restaurants in Bay View.