MILWAUKEE — Weidner Apartment Homes has sold a two-property portfolio in Milwaukee’s Calumet Farms neighborhood for $60 million. Beverly Hills, California-based Bedford Affordable Housing Foundation, in partnership with Post Real Estate Group, acquired the 374-unit St. James Place and Arbor Ridge. The properties are less than a quarter mile apart. The new owners plan to convert the market-rate properties to affordable housing with rents restricted to 60 and 80 percent of area median income.
Sean Beuche, Matson Holbrook and Gretchen Richards of CBRE represented the seller in the transaction. Jim Flinn of CBRE’s Affordable Housing Debt and Structured Finance team secured financing on behalf of the buyer. The acquisition and renovations costs are being financed in part through an $88 million tax-exempt bond issuance approved by the Wisconsin Health and Educational Facilities Authority.
St. James Place consists of 236 units and amenities including a pool, 24-hour fitness center, yoga studio, clubhouse, sports courts, a grill and picnic areas and a tanning salon. Arbor Ridge Apartments consists of 138 units along with a pool, 24-hour fitness center, business center, clubhouse and a tanning salon.