Sunset Ridge apartments sold for $20M in Milwaukee

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A 144-unit apartment complex in the northwest side of Milwaukee will have a new owner.

An affiliate of Washington-based Weidner Apartment Homes sold Sunset Ridge, located at 8183 N. 107th St., to Illinois-based Rio Realty LLC for more than $20 million, Wisconsin Department of Revenue records showed.

Weidner owned the property since 2017, real estate officials said. Commercial real estate firm CBRE was the broker of the transaction.
Sunset Ridge was built around 1980, city of Milwaukee records showed.

Matson Holbrook, Gretchen Richards, Sean Beuche and Patrick Gallagher represented Weidner in the transaction, officials said. Steve Kundert of CBRE Capital Markets’ debt and structured finance team in Chicago secured financing for the buyer, officials added.

“We originally sold this asset to Weidner back in 2017 as their first acquisition in Wisconsin and it’s been a privilege to bring the transaction full circle,” Gallagher said in a statement. “It was a pleasure to work with a buyer who moved decisively and collaboratively throughout the process, making this transaction exceptionally smooth.”

“Utilizing our deep lending relationships, CBRE was able to mobilize quickly and secure highly accretive debt capital that was sourced, negotiated, committed and closed within 30 days,” Kundert said in a statement. “We were honored to represent the buyer in the financing of this best-in-class multifamily asset.”

Weidner was founded in 1977 and has properties in 15 states and four Canadian provinces, according to the company’s website.

Sunset Ridge features one- and two-bedroom floor plans, officials said. Amenities include private entries, in-unit washers and dryers, an off-leash dog park, underground parking and 24-hour maintenance services, they added.