Chicago-based apartment owner and operator Tricap Residential Group announced it has closed on the acquisition of the Franklin Park Apartments for the purchase price of $9.5 million.
The 128-unit apartment complex on 3641 W. College Ave. will soon be renamed Haven Franklin Park, and will undergo significant unit renovations and a modernization of the common areas, according to a news release.
The acquisition marks Tricap’s first in Wisconsin.
“We are thrilled about this opportunity as this acquisition allows us to continue our execution expertise on another well-located, well maintained suburban asset,” Bryan Pritchard, president and chief executive officer of Tricap, said in the release. “The continuing trend of renting versus owning has spread to suburban submarkets, and our renovated apartment communities allow us to offer a very high-quality product at an affordable price. Combined with our focus on exceptional service, we believe we have the best value proposition for renters in the marketplace.”
The 9.6-acre property is assessed at $6.53 million, according to county records. It was purchased from previous owner Peloton Franklin Investors LLC.
Tricap manages 16 multi-family properties in five states, which are altogether valued at more than $250 million.