Milwaukee-based Fiduciary Real Estate Development Inc. recently purchased 5 acres of land and a vacant 9-unit condominium building northwest of Appleton Avenue and Good Hope Road in Menomonee Falls from Milwaukee-based Weas Development for about $3 million, according to state records.
Fiduciary plans to build a 144-unit, five-building apartment development at the site called The Woodlands.
The condos will be rented out as apartments, said Fiduciary Real Estate Development partner Craign Raddatz. Those units and the new 144 apartments will all be leased at market rates, he said.
The average new apartment in the development will have 1,000 square feet of space with an average rent of $1,300 a month, Raddatz said.
Construction is expected to start in March. The first units could be complete by the end of the year. The entire development is expected to be complete by the end of 2015.
