December 01, 2021
Aries Capital has arranged $21.875 million of joint-venture equity for a $73 million, 311-unit luxury multifamily development outside Milwaukee, Wisconsin.
The planned modern, four-building mid-rise apartment complex will feature studio to three-bedroom units, a pool, and shared courtyard spaces. It is located 15 minutes of downtown Milwaukee and adjacent to a newly redeveloped open-air, mixed-use center. The center is home to more than 75 merchants and boasts a dynamic atmosphere and unique shopping experience.
“Knowing our reputation for having relationships with active equity investors, our client approached Aries Capital to secure equity for their new development,” said Perdeck. “Owing to the lack of new supply in the immediate area, with no planned developments or projects currently under construction, combined with the strong demographic trends and anticipated growth for the Milwaukee area, we were able to quickly and successfully secure a joint-venture partnership for our client with an institutional investor. The partnership was a natural fit as the investor has an existing portfolio of over 14,000 units and 25 million square feet of commercial space.“
“Brandon, Matt and the Aries Capital team were highly effectively securing a great joint venture partner for this unique project,” said the representative for the client. “From introduction to closing, Aries Capital made the entire process seamless due to their professionalism, communication, and execution.”
“The stability and reputation of the developer, combined with the significant potential for return on investment, made this a sound opportunity for our equity investor,” said Perdeck. “This development offers the rare opportunity to offer new residents the suburban lifestyle of Glendale and Whitefish Bay, with the urban hustle of Milwaukee.”