Berkadia Negotiates $43.5M Multifamily Property Sale in Suburban Milwaukee, Wisconsin
FRANKLIN, WI – July 11, 2023 – Berkadia announced today $43.5 million sale of Statesman Apartments, a 180-unit, luxury multifamily property located in Franklin, Wisconsin, only ten miles south of downtown Milwaukee. Managing Director Ralph DePasquale and Senior Managing Director Pete Evans of Berkadia Chicago, and Senior Director Richard Evans of Berkadia Milwaukee represented the seller, Milwaukee-based Zilber Residential Group. The buyer was an affiliate of Chicago-based Banner Real Estate Group, and the deal closed on June 27.
“Zilber Residential Group did an exceptional job in developing a truly high quality, well-amenitized asset in a dynamic location,” said DePasquale. “Given those attributes, along with highlighting the rapid job growth along the I-94 corridor in Southeastern Wisconsin, we were able to generate tremendous investor interest for the property.”
Located at 2950 West Statesman Way, the property is just minutes from I-94, between the Drexel Avenue and Rawson Avenue interchanges. Statesman offers convenient access to downtown Milwaukee, numerous shops and restaurants along South 27th Street, and major employers across all of Southeastern Wisconsin. The property is a five-minute drive from Mitchell International Airport, and just one hour to Chicago’s O’Hare International Airport. The Statesman was built in 2019 and features six three-story residential buildings with underground parking and a large center clubhouse which includes a clubroom with workspaces, a fully equipped fitness center, and a large outdoor swimming pool.