JVM Realty Acquires Apartment Community Near Milwaukee
Multifamily real estate investment and property management firm JVM Realty Corporation has acquired a 236-unit apartment community in Wauwatosa, Wis. The property, Mayfair Reserve, was purchased from private commercial real estate firm Atlantic Residential.
Based in Oak Brook, Illinois, JVM operates a $1.4 billion multifamily portfolio in the Greater Midwest, including Illinois, Indiana, Kansas, Missouri, and Wisconsin.
“Mayfair Reserve is a fantastic addition to our growing portfolio and perfectly aligns with our strategy of acquiring high-quality investment opportunities in thriving locations,” said Jay Madary, president and chief executive officer of JVM Realty Corporation. “With no competitive projects under construction, recent road completions and JVM’s award-winning management team delivering a superior resident experience, we believe this property offers a significant opportunity for rental growth. We are very excited to further expand our presence in the Milwaukee area.”
The property will be the third Southeast Wisconsin property in the current JVM portfolio and will be rolled into the JVM property management platform. In total, JVM now owns and manages 22 communities throughout the Midwest. JVM invests on behalf of its privately managed funds as well as in joint-venture partnerships with institutional investors.
Located at 11011 W. North Avenue on nearly five acres, Mayfair Reserve was completed in 2017 and offers one- and two-bedroom layouts. Features include open kitchens with stainless steel appliances and quartz countertops, modern lighting and plumbing fixtures, plank flooring, large closets, and full-size washers and dryers. Select units include private patio or balcony options and frameless glass showers.
Community amenities include a 24-hour fitness center with a yoga and spin studio, a clubhouse and resort-style pool, an outdoor kitchen with grilling stations, climate-controlled garage parking, an electric vehicle charging station, and a dog park and pet washing area.
“Atlantic Residential has been active in the Milwaukee metro market for over 25 years,” said Andrew Aaronson, chief operating officer of Atlantic Residential. “In 2017, we collaborated with New York-based Edge Principal to develop Mayfair Reserve, which, since opening, has served as the gold standard for luxury apartment living. I am confident that JVM Realty will continue to uphold those high standards.”
Milwaukee is the most populous city in Wisconsin and the fifth most populous in the Midwest, home to a diverse economic base and a host of famous breweries.
The community is located at the I-41 and I-94 interchange, just 15 minutes from Milwaukee Mitchell International Airport. Mayfair Reserve is also within a two-mile radius of Milwaukee Regional Medical Center, Wisconsin’s largest medical campus and home to more than 20,000 medical jobs. Ten of 11 of Milwaukee’s Fortune 1000 headquarters are also within a 10-mile radius of the property. There are also nearby golf courses and parks, as well as the largest mall in Wisconsin.
Over the summer, JVM hired Adam Short to be its chief investment officer. Short manages all aspects related to JVM’s capital needs and structure, including debt and equity. He also directs its transaction team in identifying multifamily opportunities that align with JVM’s investment criteria.
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