Sale of multi-housing community in North Milwaukee suburb closes
JLL Capital Markets closed the sale of the 175-unit The Bevy Apartments in Brown Deer, Wisconsin
CHICAGO, August 16, 2022 – JLL Capital Markets announced today that it has closed the sale of Bevy Apartments, a brand-new, 175-home apartment and townhome community in the fast-growing North Milwaukee suburb of Brown Deer.
JLL worked on behalf of the seller, Fiduciary Real Estate Development, Inc. JVM Realty Corp. acquired the asset.
Built in 2020, The Bevy Apartments features studio, one-, two- and three-bedroom floorplans with granite countertops, stainless steel appliances, in-unit washers and dryers, large walk-in closets, programmable thermostats, bedroom ceiling fans with lighting controls and an average size of 961 square feet. Select units feature private balconies/patios and private entries and garages. Community amenities include a fitness center, an outdoor terrace with grilling stations, a resident clubroom, an FX gaming system, an outdoor dog park and pet spa and underground parking.
Located at 8600 N. Deerwood Dr., The Bevy Apartments is just a 15-minute drive to downtown Milwaukee via direct highway access and is walkable to the numerous retail options at the Village, which will include the new Village Square development’s beer garden and farmer’s market. The property is also accessible to the modernized Bayshore outdoor shopping center. Additionally, the community is 25 minutes from Milwaukee Airport and 10 minutes from Lake Michigan.
The JLL Capital Markets Investment Advisory team representing the seller was led by Senior Director Wick Kirby, Director Amanda Friant and Analyst Jeremy Weinstock, along with Senior Managing Director Jaime Fink.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Fiduciary Real Estate Development, Inc
Fiduciary Real Estate Development, Inc.(“FRED”) is an award-winning developer and real estate investment management firm, focused on the market rate multifamily apartment asset class. Founded in 1985 and based in Milwaukee, Wisconsin, FRED currently owns and manages more than 8,000 market rate apartments across multiple states, and continues to expand throughout the United States. As a fully integrated real estate company, FRED offers a wide array of development, construction, investment, and management services.
JVM Realty Corp.
JVM Realty Corporation is a respected name in the Midwest as a leader in multifamily real estate investment and property management. Since 1975, JVM has been committed to excellence and integrity and strives to be the preferred choice for its investors, residents, and associates. Based in Oak Brook, Illinois, JVM operates a $1.4 billion multifamily portfolio in the Greater Midwest, including Illinois, Indiana, Kansas, Missouri and Wisconsin. For more information, please visit www.jvmrealty.com.