An affiliate of Atlanta-based Atlantic Realty Partners recently purchased a 4.5-acre site at West Bluemound Road and Bishops Way in Brookfield from an affiliate of Brookfield-based Hammes Company for $1.5 million, according to state records.
Atlantic Realty Partners and Sandy Springs, Ga.-based Campbell Capital Group LLC plan to build a four-story, 195-unit luxury apartment development on the site. They hope to break ground on the project during the second quarter of 2016, said Richard Aaronson, president and co-founder of Atlantic Realty Partners.
“We think (Brookfield and Elm Grove) is a good submarket that has been underserved in terms of new multi-family development,” Aaronson said.
Atlantic Realty Partners is working on two other apartment development projects in the area that could break ground this year.
The firm plans to build the River House development, a four-building 443-unit luxury apartment development, on the former Gallun Tannery site along the east side of the Milwaukee River, the west side of North Water Street, and north of Holton Street in Milwaukee. The first phase of the project, two buildings with 243 apartment units, is scheduled to break ground in September, Aaronson said. The second phase, two buildings with 200 units, could break ground in early 2017, he said.
Atlantic Realty Partners and Campbell Capital Group also plan to develop a 236-unit luxury apartment development at 11011 W. North Ave. in Wauwatosa, near Mayfair Mall. Construction for that project could begin by the end of the year, Aaronson said.
With the Brookfield, Milwaukee and Wauwatosa projects, Atlantic Realty Partners plans to build 874 apartment units in the metro Milwaukee area.
“We are going to keep ourselves busy in (the Milwaukee) market for the next several years,” Aaronson said. “The quantity of apartment development (in the Milwaukee area) parallels what is happening in other markets around the country. While it appears to be a lot, and it is compared to what was developed in that area in recent years, it is consistent with what has been seen in other markets.”
