Kenosha’s Bayside Townhomes sold to private equity for $7.14 million

A statewide property manager sold a 32-unit multifamily development in Kenosha to a private equity firm.

Bayside Townhomes LLC on Tuesday sold the Bayside Townhomes, located at 1523 Sheridan Rd., to Campbell Creek Communities LLC for $7.14 million, according to commercial real estate firm CBRE. CBRE arranged the sale and represented the seller in the transaction.

Campbell Creek Communities’ registered agent is Wausau-based Geared Equity, state records showed. Geared Equity is a private equity firm “sponsoring multi-family and industrial real estate development and acquisition,” according to its website.

“Bayside Townhomes is exactly the kind of asset we seek out, a well-located, value-add community where we can improve fundamentals and deliver strong returns for our investors,” said a representative for Campbell Creek Communities in a statement. “We’re excited about this acquisition and look forward to building on what’s already a great property for residents.”

The firm’s investments include properties in Wausau, Wisconsin Rapids, California and Colorado.

Bayside Townhomes LLC is an affiliate of California-based Wisconsin Lakefront Property Management LLC, which is led by Eileen Robarge, according to state records.

Robarge is the founder of WLPM, and the company operates more than 350 residential units throughout the state, a biography from the Rental Property Association of Wisconsin showed. More than 500 units are planned for development by WLPM over the next five years. Robarge is also on the RPA Board of Directors.

Matson Holbrook, Gretchen Richards and Sean Breuche of CBRE worked with the seller. In a statement, Holbrook said there was strong demand “for 1990s-vintage assets.”

The property features three-bedroom floor plans averaging 1,500 square feet, real estate officials said. The property was 100% occupied when it sold.

In May, WLPM bought Trail’s Edge apartments, a 120-unit development, from a group of owner companies including American Construction Services, Inc. for $26 million in West Bend.