Distressed Properties Sell for $11M

Jomela Properties, a Milwaukee-based property management company, recently acquired two distressed multi-family buildings in a portfolio purchase. The two complexes are the Wilson Park Garden Apartments, a 150-unit apartment complex located at 4568 S 20th Street in Milwaukee, and Seaway Terrace Apartments, a 140-unit two building apartment complex located at 4601 and 4614 S First Street in Milwaukee. The final sales price came out to $11.1 million.

The properties were in need of repairs including roof replacement, concrete work, and interior updating. The buyer confirmed that the cost to cure is still being determined. The buyer also stated the occupancy at the time of settlement was about 90%.

The seller was in bankruptcy and a court appointed receiver had been assigned to Wilson Park Apartments.

Matthew Whiteside of Marcus & Millichap represented the buyer and seller.

Please see CoStar Comps: 2313080 for additional information on the transaction.