Home Industries Real Estate Elm Grove senior apartment building sells for $16.8 million

Elm Grove senior apartment building sells for $16.8 million

By
Hunter Turpin
-
Image from Horizon Construction Group

The Elm Grove Heights apartment building has been sold for $16.8 million, according to state records. The 75-unit building at 13040 W. Bluemound Road was built in 2020 and is dedicated for renters 62 years old and above. Milwaukee-based real estate investor LCM Funds Real Estate purchased the property from its developer, Greenfield-based Horizon Development

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Hunter Turpin
http://www.biztimes.com
Hunter covers commercial and residential real estate for BizTimes. He previously wrote for the Waukesha Freeman and Milwaukee Journal Sentinel. A recent graduate of UW-Milwaukee, with a degree in journalism and urban studies, he was news editor of the UWM Post. He has received awards from the Milwaukee Press Club and Wisconsin Newspaper Association. Hunter likes cooking, gardening and 2000s girly pop.
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The Elm Grove Heights apartment building has been sold for $16.8 million, according to state records. The 75-unit building at 13040 W. Bluemound Road was built in 2020 and is dedicated for renters 62 years old and above. Milwaukee-based real estate investor LCM Funds Real Estate purchased the property from its developer, Greenfield-based Horizon Development Group. The sale works out to about $224,000 per unit. The property offers one- and two-bedroom units. LCM Funds Real Estate is a private equity real estate company that owns and manages a portfolio of industrial, office and multifamily properties on behalf of its private investors and principals, according to its website.

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