Forte at 84South, a 268-unit market rate apartment complex in Greenfield, was sold for $57.7 million to a New York investment firm making its entry into the southeast Wisconsin market.
The four-building complex, located generally at 9025 Sura Lane, was completed in 2019 by Milwaukee-based
Fiduciary Real Estate Development as part of the 48-acre mixed-use 84South development.
A Fiduciary affiliate sold the property this week to
The Brookview Cos., based in Uniondale, New York, according to state property records. Brookview focuses on purchasing class-A multifamily properties in "emerging real estate markets throughout the Midwest and southeast," its website says.
The firm has acquired more than 2,600 apartments representing more than $400 million worth of real estate in the last 10 years. Forte at 84South is the company's first Wisconsin property, its website shows.
The approximately 7-acre Forte at 84South property has an assessed value of about $54.4 million, according to Milwaukee County records.
The transaction marks the second priciest in Milwaukee County this year, according to state property records, second to an industrial portfolio in Cudahy that
sold for $59.9 million this summer.
Forte at 84South flanks the western side of the property, while a retail development with tenants like Kohl's and Fresh Thyme fills the eastern and central portions of the site, which was developed by 84South's master developer
Cobalt Partners. That property
sold earlier this year for $33 million to local investment firm
Marquee Capital.
Fiduciary and Brookview did not immediately respond to requests for comment, though Brookview confirmed the deal in a post on LinkedIn.
