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2950 W Statesman Way — Franklin, WI 53132
The Opportunity
Berkadia is pleased to present an exclusive opportunity to acquire the Statesman Apartments, a best-in-class rental housing property offering quality, convenience, and luxury at workforce rents in one of the strongest and fastest-growing economies in the Midwest.
Statesman offers convenient access to the booming job market of the I-94 Corridor in Southeastern Wisconsin, home to major expanding employers such as Northwestern Mutual, Uline, Amazon, SC Johnson, Haribo, and multiple health systems. Since 2013, this corridor's economic development has yielded $2.5 billion in capital investment resulting in 21 million SF of development and 12,215 new jobs.
Located just of I-94 between the recently completed Drexel exit and Rawson Avenue, residents at Statesman enjoy extremely convenient access to downtown, numerous shops and restaurants, and major employers across southeastern Milwaukee. The property is also a 5 minute drive from Mitchell International Airport, and just one hour to Chicago's O'Hare International Airport.
Quick Stats
2019
Year Built
180
Units
The Units
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Site Overview and Layout
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The Property
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PROPERTY INFO
The Location
Milwaukee
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GALLERY 1/2
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
Steve Skok
Managing Director
steve.skok@berkadia.com
312.845.5164
Connor Reed
Associate Director
connor.reed@berkadia.com
312.845.3086
Mortgage Banking:
Ralph Depasquale
Managing Director
ralph.depasquale@berkadia.com
847.778.2187
Jack Maloney
Director
jack.maloney@berkadia.com
630.862.5646
Pete Evans
Senior Managing Director
pete.evans@berkadia.com
847.226.0836
INVESTMENT SALES:
CONTACT Info
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CHICAGO Office
125 South Wacker Drive, Suite 400
Chicago, IL 60606
Completed in 2019, Statesman is a luxury apartment community comprised of six, three-story residential buildings with elevators and containing a total of 180 units, as well as a large clubhouse and fitness center. The Property is situated on a large 14.3 acre site in Franklin, Wisconsin, a south suburb of Milwaukee, approximately 10 miles from the Milwaukee central business district. The site is only one quarter of a mile northeast of the I-94 and Drexel interchanged. This location provides residents excellent access to the I-94 corridor, downtown Milwaukee, and Mitchell International Airport. It is also adjacent to Northwestern Mutual’s suburban office campus on South 27th Street.
Investment Highlights
Site Overview and Layout
The units at Statesman are meticulously designed with a modern sophistication, averaging a spacious 1020 square feet in size. The floor plans include 78 one bedroom (43%) and 102 two-bedroom (57%) apartment homes ranging from 788 SF to 1,239 SF. The kitchens feature a full Whirlpool stainless-steel appliance package including built-in microwaves, electric ranges, islands, pendant and track lighting, quartz countertops, single-bowl undermount stainless steel sinks, shaker-style designer cabinets with soft-close hinges, and full ceramic tile backsplashes. All units also have full-size washer/dryers.
Investment Highlights
The Units
GALLERY 2/2
Investment Highlights
The Amenities
The Amenities
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The Statesman provides a spectacular amenity package. The property features an attractive clubhouse at its center where residents can enjoy a large clubroom with fireplace and built-in HDTV and coffee bar, as well as some workspace areas. Continuing through the clubroom, residents have full use of a 24/7, expansive fitness center featuring both cardio and free-weight equipment, On-Demand yoga studio, and locker rooms with sauna. All this overlooks the luxury outdoor pool and sundeck. Other outdoor amenities include two grilling stations with dining seating and fully enclosed dog park. The property is also adjacent to Northwestern Mutuals suburban office campus that features attractive walking/ jogging paths around its 100+ acre site.
The Location
Richard Evans
Senior Director
richard.evans@berkadia.com
773.991.3321
833 East Michigan Street, Suite 950
Milwaukee, WI 53202
WISCONSIN OFFICE
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833 East Michigan Street, Suite 950
Milwaukee, WI 53202
Wisconsin Office
• Built in 2019, this high-demand, low-density, 3-story product features elevators, underground parking, and abundant green space
• Outsized amenity package for 180 units featuring stand-alone clubhouse, huge fitness center, outdoor swimming pool, and attractive clubroom
• Most recent lease trade-outs averaging 11% increase with strong continued growth given dynamic location
• 16% job growth - over 12,000 new jobs from corporate expansions and relocations along I-94 corridor since 2013
• Exceptional resident demographics–average household incomes are 33% higher than five-mile radius and Milwaukee metro
• Minutes from top area employers include Northwestern Mutual, Amazon, Uline, and SC Johnson
• 2.7 million people within 60-minutes of the property with continued growth