Large apartment complex sells for $24 million to out-of-state buyer

Third multi-million dollar sale to Kirkland, Wash.-based owner

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The Kirkland, Washington-based apartment owner who entered the Milwaukee market last month with two multi-million dollar purchases has bought another large apartment complex on Milwaukee’s northwest side.

Weidner Apartment Homes purchased the St. James Place Apartments, 10000-10590 W. Fountain Ave., for $24.5 million, according to state records. The complex is located off of Highway 41, between Good Hope Road and West Bradley Road.

St. James Place Apartments

Weidner bought the complex from an affiliate for Milwaukee-based Fiduciary Real Estate Development, Inc. Last month, Fiduciary sold Weidner the Arbor Ridge Apartments in the 7900 block of 107th Street for $16.6 million.

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Weidner also purchased the Sunset Ridge Apartments in the 8100 block of 107th Street for $12.6 million from a subsidiary of Milwaukee-based Mandel Group in October.

According to a 2015 article by Bloomberg, Weidner Apartment Homes was founded by billionaire Dean Weidner, 74, and had a net asset value of $2.3 billion in 2015.

In 2015, the firm had more than 38,000 apartment units mainly in Phoenix, Tucson, Seattle, Anchorage, Colorado.

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