One of the country’s largest apartment owners has expanded its footprint to the Milwaukee market with two multi-million dollar purchases on the northwest side of the city.
[caption id="attachment_332332" align="alignright" width="384"] Arbor Ridge Apartments.[/caption]
Kirkland, Washington-based Weidner Apartment Homes purchased the Arbor Ridge Apartments in the 7900 block of 107th Street and the Sunset Ridge Apartments in the 8100 block of 107th Street for $16.6 million and $12.6 million, respectively, according to state records.
The Arbor Ridge Apartments were sold by Arbor Ridge Apartments LLC, which was registered to a subsidiary of Milwaukee-based Fiduciary Real Estate Development, Inc.
They are located on 10.3 acres.
The Sunset Ridge Apartments, which include 144 units in 32 buildings on 18.8 acres, were sold by SR Apartments Limited Partnership, which is registered to a subsidiary of Milwaukee-based Mandel Group.
According to a 2015 article by Bloomberg, Weidner Apartment Homes was founded by billionaire Dean Weidner, 74, and had a net asset value of $2.3 billion in 2015.
In 2015, the firm had more than 38,000 apartment units mainly in Phoenix, Tucson, Seattle, Anchorage, Colorado and Texas.