CHICAGO and MILWAUKEE — October 22, 2021 — Berkadia Institutional Solutions announced today the sale of Springs at Kenosha, a 480-unit multifamily property located in Kenosha, Wisconsin. Senior Managing Director Pete Evans and Managing Director Ralph DePasquale of Berkadia Chicago and Senior Director Richard Evans of Berkadia Milwaukee completed the sale, one of the largest multifamily sales ever in Wisconsin, on behalf of the seller, Wisconsin-based Continental Properties Company, Inc. The buyer was Illinois-based JVM Realty Corporation, and the deal closed on October 5. JVM is rebranding the property as The Reserve at Kenosha.
“Continental Properties has perfected the suburban living experience with luxury amenities and service in lower density, direct access two-story apartment homes,” said Evans. “This is the ideal type of community for the Kenosha market. Combined with the tremendous growth in the area, it is easy to see why we saw such strong interest from numerous national investors.”
Located at 12742 71st St., west of Interstate 94, Springs at Kenosha includes 23 two-story residential buildings with two separate clubhouses on a 68-acre site. Each apartment home at Springs at Kenosha features a large balcony or patio, direct-access entry and 9-foot ceilings. Each clubhouse includes a 24-hour fitness center, a spacious and inviting recreation room, and a large outdoor swimming pool and sundeck. The site also includes pedestrian and pet friendly pathways, pet playgrounds and pet washing stations.
Springs at Kenosha offers convenient access to the booming job market of the I-94 Corridor in Southeastern Wisconsin, home to major expanding employers such as Uline, Amazon, SC Johnson, Haribo, and multiple health systems. Springs at Kenosha is located 35 miles south of downtown Milwaukee and 43 miles north of O’Hare International Airport, placing it between the 3rd and 40th largest Metropolitan Statistical Areas in the country, home to a combined 11.1 million people.