Deerfield, Illinois-based Fairchild Acquisition has purchased another apartment property on Milwaukee's East Side — a 21-unit building at 1718-1734 E. Lafayette Place.
The acquisition is the latest step in the firm's plan to build a 200-unit portfolio of rental housing near the University of Wisconsin-Milwaukee campus.
Fairchild purchased the building for $2.09 million from sellers Marquis LLC and Jack LLC, according to Nathan Glaisner of Verde Investments.
Glaisner represented Fairchild in the transaction. Matson Holbrook, Patrick Gallagher and Gretchen Richards of CBRE represented the sellers.
Sam Grossman, managing partner of Fairchild, said he is planning to make improvements to the units with new flooring and appliances, among other things.
Grossman lives in the Chicago area but grew up in Milwaukee. He said the Lafayette Place apartments building has a place of significance for him. It is located along the newspaper route his grandfather had back in the 1940s.
Fairchild last fall purchased three apartment buildings on the East Side totaling 29 units for $3.87 million. They included 2735 N. Murray Ave., 2634 N. Stowell Ave. and 2505 E. Park Place.
Grossman noted he's in the process of acquiring another 40 units in the neighborhood. The next transaction should close within the next 45 days, he said.
Fairchild specializes in rehabilitating properties that are near university campuses. It has a 150-unit portfolio in Chicago's Edgewater neighborhood.
Its Milwaukee portfolio plan consists of acquiring 25 buildings near UWM, totaling 200 units by 2025.
"It’s been my dream to return to my roots to build a portfolio, and this location is our top focus for many reasons but mainly due to UWM’s growth," Grossman said.
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