Four apartment complexes sold in Milwaukee for $30 million

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Four apartment complexes with a combined total of 358 units were sold in Milwaukee.

Commercial real estate firm CBRE announced that Brookfield-based Coachlight Communities LLC bought a four-property portfolio from Milwaukee-based Metropolitan Associates for $29.65 million. The garden-style apartments are in the city’s northwest side around Timmerman Airport.

Transactions include:

• Parkview Apartments, 232 units at 5166-5174 N. Lovers Lane Rd. The property was bought for $19.6 million, state records showed.
• Lisbon Court, 71 units at 9100-9106 W. Lisbon Ave. The property was bought for $5.65 million.
• Hampton Gardens, 30 units at 8517 W. Grantosa Dr. The total real estate value transferred was $2.4 million.
• Grantosa Apartments, 25 units at 4903 N. 85th St. The property was bought for $2 million.

“Metropolitan Associates had owned this portfolio since originally developing the properties in the 1960s,” said Matson Holbrook, the first vice president of investment properties at CBRE, in a statement. “The market responded quickly and aggressively to this once-in-a-generation investment opportunity.”

Holbrook, Gretchen Richards, Sean Beuche and Patrick Gallagher represented Metropolitan Associates in the sale.