Mayfair Milwaukee LLC recently purchased the 134-unit Mayfair Apartments complex at 5292 N. Lovers Lane, Milwaukee, from Axiom Properties for $7.05 million.
Axiom Properties was represented by Patrick Gallagher and Matson Holbrook of Siegel-Gallagher.
The apartment complex was built in 1970. It was 96 percent occupied at the time of the sale, according to Siegel-Gallagher.
Mayfair Milwaukee LLC is based in Iowa and acquired the property on the back end of a 1031 exchange. Prior to the sale, Axiom had placed HUD 223(f) finacing on the property with a 3.5 percent fixed interest rate for a 35-year term. That was “a major draw for the 11 investors who submitted offers for the property,” according to Siegel-Gallagher.
