SHOREWOOD, Wis. — JLL Capital Markets has arranged the sale of and acquisition financing for the Oaks of Shorewood, a 101-unit active adult community in Shorewood, a northern suburb of Milwaukee.
The four-story building offers a mix of one- and two-bedroom units averaging 1,115 square feet. The Oaks of Shorewood is near to Lake Michigan, the Milwaukee River, Hubbard Park & Beer Garden and the 50-acre Estabrook Park and Village’s main drive, which is known for eclectic boutiques and trendy restaurants.
The affluent area boasts average home values of $425,000 and an average household income of $112,000. Furthermore, the Oaks of Shorewood is the only luxury community of its kind in the county and benefits from the high barriers to entry in the North Shore submarket.
Weidner Apartment Homes acquired the property from an undisclosed buyer. The price was not released.
JLL worked on behalf of the new owner to originate a Fannie Mae loan to fund the purchase.
The JLL Capital Markets Investment Sales Advisory team representing the seller, Sherman Associates, was led by Amanda Friant, Wick Kirby, Mox Gunderson and Jaime Fink.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Tom Wilson and Mike Brady.