Kirkland, Washington-based Weidner Apartments Homes
is continuing to grow its presence in Milwaukee with the acquisition of the Stitchweld Apartments for $54.3 million.
The 291-unit apartment complex is located in Milwaukee's Bay View neighborhood, at 2141-2181 S. Robinson Ave. Weidner purchased the apartment buildings from Indianapolis-based Milhaus Development LLC, according to state records.
The apartments have an assessed value of $42 million, according to city records.
This is the only the latest acquisition Weidner has made in the area.
A little less than a year ago, the national apartment investor and operator purchased the Avenir Apartments
at 1437 N. Jefferson St. for $22.3 million and shortly after acquired the River House Apartments
at 1785 N. Water St. for $58 million.
What's more, Weidner is working with Wauwatosa-based Wangard Partners Inc., which developed the Avenir's first phase, to finish the two additional planned phases of the project
. These phases would add another 146 residential units to the existing 104-unit development.
Weidner also in recent years has acquired the Arbor Ridge Apartments, Sunset Ridge Apartments
and St. James Place Apartments
Representatives of Weidner did not immediately respond to a request for comment.