The Evoni development with 261 apartments under construction in Milwaukee’s Historic Third Ward recently secured $27 million from investors.
The apartments are under construction on what had long been a vacant site northwest of North Lincoln Memorial Drive and East Summerfest Place. They are to begin leasing at the start of 2025, according to a press release.
Evoni broke ground in March 2023 using money from a construction loan and corporate funding provided by its developers. The project is a partnership between Minnesota-based Kaeding Development Group and Illinois-based Inland Venture Partners.
Inland Ventures last week announced it has raised $27 million in capital investment for Evoni. That money from accredited investors will replace upfront cash the developers put in the project last year when they secured its construction loan, according to the release.
The project covers 3 acres, and when complete will stand five stories tall with amenities including a pool, dog park, patio for outdoor grilling and a 119,113-square-foot attached parking structure. Milwaukee-based Ramlow/Stein Architecture + Interiors is the project architect and Pewaukee-based VJS Construction Services is the lead contractor.
