A Brown Deer apartment complex was sold to a private equity real estate firm for $38.3 million.
The 232-unit townhome-style complex was purchased by Pennsylvania-based
PPR Capital Management. The acquisition marks PPR's first investment in Wisconsin, according to a Thursday press release.
Located at 4401 W. Deer Run Drive, the property spans 21 acres and features amenities including private entrances, attached garages, fireplaces and in-unit washers and dryers. In the press release, PPR refers to the complex as The Villas at Foxwood, though listings for the same complex refer to it as Deer Run Apartments.
"With current rental rates below market value, The Villas at Foxwood presents a compelling value-add opportunity," the release says. "PPR plans to implement modernized unit upgrades such as stainless-steel appliance packages and premium flooring."
Rents for currently available apartments range from $1,715 for a two-bedroom unit to $1,995 for a three-bedroom unit.
"The Villas at Foxwood acquisition aligns perfectly with our evolving investment strategy focusing on communities with strong fundamentals in growing markets," said
 Steve Meyer, CEO of PPR. "This transaction exemplifies PPR's disciplined approach to portfolio diversification and our commitment to identifying properties with substantial value creation potential that deliver attractive risk-adjusted returns for our investors."
The Milwaukee MSA demonstrates robust multifamily performance metrics, ranking as the nation's 8th lowest vacancy rate at 5.6% according to CoStar. The market achieved 2.4% rent growth, outpacing the national average of 1%.
"With limited new supply projected for 2025 and beyond, coupled with favorable housing affordability dynamics,
Milwaukee is well-positioned for continued strength," the release says.
The investment structure includes a total equity investment ofÂ
$19.4 million, with PPR contributing overÂ
$18 million as the primary equity partner.
Previously owned by Chicago-based Burnham 4401 LTD Partnership, the property had a 2024 assessed value of $24.2 million, according to Milwaukee County records.
