Weidner acquires Stitchweld Apartments in Milwaukee for $54.3 million

Latest Milwaukee apartment acquisition by Washington firm

Credit: Google
Credit: Google

Last updated on March 17th, 2020 at 01:36 pm

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 complexes.

Representatives of Weidner did not immediately respond to a request for comment.

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Alex Zank covers commercial and residential real estate for BizTimes. Alex previously worked for Farm Equipment magazine and also covered statewide construction news at The Daily Reporter. He graduated from the University of Wisconsin-Eau Claire, where he studied journalism, political science and economics. Having grown up in rural western Wisconsin, Alex loves all things outdoors, including camping, hiking, four-wheeling and hunting.

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