MANDEL GROUP ACQUIRES 340 UNIT DOWNTOWN WAUKESHA PROPERTY
|Rivers Edge Apartment Homes|
MILWAUKEE, WI | Milwaukee-based developer Mandel Group, Inc. announced its acquisition of Rivers Edge Apartments, a 340-unit apartment community located in downtown Waukesha, Wisconsin. The acquisition was completed by Rivers Edge Equity LLC, an affiliate of Mandel Group. The seller was Rivers Edge of Waukesha LP, Rivers Edge II LLC and Rivers Edge III, LLC, formed by Waukesha developer Bryce Styza. The transaction value was not disclosed.
“The property is appealing to us because of its excellent condition and high occupancy rate”, commented Don Lindeman, President of Mandel Property Services, Inc. “While we will be investing in upgrades and freshening up the property, the base we’re working from is in exceptional condition.”
Financing was secured through Grandbridge Real Estate Capital. James M. Cope, Senior Vice President for Grandbridge managed the transaction.
Mandel Property Services, Inc. (MPSI) has assumed responsibility for property management and operations of Rivers Edge.
“With the acquisition of Rivers Edge, Mandel has now purchased nearly 2,000 units in recent years, including assets in Madison as well as the greater Milwaukee area.”
Lindeman added, “We are eager to continue our acquisition strategy and excited to bring the Mandel brand of quality and service to Waukesha, becoming a member of that vibrant community.”
Mandel was attracted to the property in part due to its high “WalkScore” rating of 88 on a scale of 100. WalkScore is a real estate software app that measures accessibility of neighborhood goods, services, and entertainment venues that can be readily reached without the need of driving.
“We’ve been drawn to WalkScore after finding that all the major institutional investors are now heavily reliant on the app for property qualification” explained Barry R. Mandel, President of Mandel Group, Inc. “We are focused on forward-looking purchases from which the value will be readily apparent 20 years from today.”
Walkability is considered a key determinant of property valuations in the coming years by real estate researchers, academicians and institutional investors.