Milwaukee senior apartment complex sold for $8.6 million

Buyer is Indianapolis apartment developer, operator

Meetinghouse apartments. Photo courtesy of CBRE
Meetinghouse apartments. Photo courtesy of CBRE

Last updated on April 9th, 2020 at 01:33 pm

An Indianapolis apartment developer and manager recently purchased the 96-unit Meetinghouse senior apartment community on Milwaukee’s far northwest side for $8.6 million, according to state records.

Meetinghouse is a roughly 79,000-square-foot complex at 10901 W. Donna Drive. It was constructed in 2004, and consists of one- and two-bedroom units reserved for residents who are at least 55 years old.

It is assessed at $3.85 million, according to city records.

The buyer is Gene B. Glick Co., and Indianapolis-based firm that owns properties primarily in the Midwest but also in East Coast states from New York to Florida. According to its website, the company also owns the Waico Apartments on 1800 N. 12th St., Milwaukee, and the Lake Oaks Apartments at 1916 Wisconsin Ave., Racine.

Patrick Gallagher, Matson Holbrook and Gretchen Richards of CBRE Wisconsin and Jeff Kunitz and Mike Canori of CBRE Affordable Housing represented the seller in the transaction, Finlay Interests 19 Ltd., of Plymouth, Minnesota.

“This property has strong historical occupancy, averaging more than 97% over the past two years,” Gallagher said in a statement. “The high occupancy at this property, coupled with its best-in-class amenities and prominent location, drove a significant amount of attention from investors to the property.”

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