Oak Brook, Illinois-based investment firm
JVM Realty Corp. has purchased a Wauwatosa apartment complex at 11011 W. North Ave. for $53.5 million, according to state records.
Known as Mayfair Reserve, the four-story building includes 236 one- and two-bedroom apartment units with amenities including an outdoor pool and dog park, among others.
The property was developed in 2017 by Atlanta-based
Atlantic Residential and New York-based
Edge Principal. Atlantic sold the property to JVM, according to the announcement.
A JVM spokesperson declined to share the purchase price.
JVM is a vertically integrated multifamily real estate investment and property management firm with properties throughout the Midwest. Mayfair Reserve will be the third s
outheast Wisconsin property in the current JVM portfolio and will be rolled into the JVM property management platform. In total, JVM now owns and manages 22 communities throughout the Midwest.
"Mayfair Reserve is a fantastic addition to our growing portfolio and perfectly aligns with our strategy of acquiring high-quality investment opportunities in thriving locations," saidÂ
Jay Madary, president and chief executive officer of JVM. "With no competitive projects under construction, recent road completions and JVM's award-winning management team delivering a superior resident experience, we believe this property offers a significant opportunity for rental growth. We are very excited to further expand our presence in the
Milwaukee area."
JVM also owns a 175-unit apartment complex in Brown Deer called The Bevy and a 480-unit complex called The Reserve at Kenosha, which
JVM purchased in 2021 for $115 million.
