Oak Brook, Illinois-based JVM Realty Corp. has acquired the 480-unit The Reserve at Kenosha apartment complex for $115 million, state records show.
The Reserve, formerly known as The Springs at Kenosha, is located at 12742 71st St., about a half-mile west of I-94. It includes 23 apartment buildings across 68.1 acres.
JVM Realty announced the deal last week but did not disclose the sales price. It is JVM Realty's first property in southeast Wisconsin, and will be managed by the company's central region team.
"The Reserve at Kenosha represents an incredible investment opportunity and is a solid addition to our multifamily portfolio," Jay Madary, president and chief executive officer of JVM Realty, said in a statement. "Kenosha boasts one of the strongest and fastest-growing economies in the Midwest, and The Reserve offers residents easy access to a host of quality employers and entertainment options, while still providing a place to call home. I'm extremely proud of our team and look forward to bringing a JVM-quality community to Wisconsin."
The sellers are affiliates of Menomonee Falls-based Continental Properties Co. Inc.
The Reserve apartments are a mix of studio, one-, two- and three-bedroom units. Amenities include two gyms, two pools with sundecks, a full-service kitchen, two onsite car care stations, three dog parks and a pet spa.
The final phase of the project was finished last year.
JVM operates a $1.2 billion multifamily portfolio in the Greater Midwest, including Illinois, Indiana, Kansas, Missouri and Wisconsin.