The 139-unit Jade at North Hills apartment complex in Menomonee Falls has been sold to a California investor for $24.1 million.
Jade at North Hills is located southwest of Good Hope Road and Flint Drive, across the street from the booming Woodland Prime business park.
An affiliate of Milwaukee-based Fiduciary Real Estate Development Inc. sold the complex to Irvine, California-based Starboard Realty Advisors LLC, according to a news release.
The release did not disclose the sale price. State and county records indicate the buildings were sold for $24.1 million. The property is assessed at $15.09 million, according to county records.
Fiduciary developed Jade at North Hills. The development contains four two- and three-story apartment buildings with underground parking. The apartments are a mix of studio, one- and two-bedroom units. There is also 4,177 square feet of retail space.
Patrick Gallagher, Matson Holbrook and Gretchen Richards of real estate services firm CBRE represented Fiduciary in the transaction.
“Jade at North Hills is especially attractive for a multifamily investment due to its sought-after suburban Milwaukee location that is primed for population and employment growth over the next several years,” Gallagher said in a statement. “With numerous high-end finishes and amenities, the complex is set up for continued success.”
Activity and investment activity abounds along the Good Hope Road commercial corridor in Menomonee Falls.
At Woodland Prime alone, two massive corporate projects are expected to create more than 1,200 jobs.
Milwaukee Tool is developing a $100 million corporate campus and Leonardo DRS recently moved into its new manufacturing and office campus. The Leonardo DRS campus recently sold for $100 million.
A developer is also pursuing a mixed-use project just west of Jade at North Hills, at the southeast corner of Good Hope Road and Appleton Avenue. The project would include 173 apartments, a two-story restaurant building and additional commercial space.
Another California investor last year acquired the Froedtert North Hills Health Center for $59.25 million. The medical office buildings lie near the southwest corner of Appleton and Good Hope.
A recent BizTimes Milwaukee feature detailed all the development activity happening in Menomonee Falls.