Mountain Village apartments sold for $29 million

By Katherine Michalets - Freeman Staff

Sept. 2, 2015

 The Mountain Village complex has been sold to an Illinois company for $29 million.  
Charles Auer/Freeman Staff

WAUKESHA - The reddish 319-unit apartment complex built on the side of a hill near downtown Waukesha has been sold by Styza Family LP to an Illinois company for $29 million.

Based in Waukesha, Bryce Styza Properties also owns two apartment complexes in Burlington and retail and office spaces in the area. A company representative did not return a call for comment before deadline Monday, but they did send a short notice to Mountain Village apartment residents about the change in ownership.

According to the announcement, Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, brokered the sale of 274,438-square-foot Mountain Village, which sits on 11.6 acres at 304 W. North St.

A call for offers was requested and after receiving several competitive offers, Axiom Properties, Inc. of Lincolnshire, Ill. closed the transaction on Aug. 5.

Mike Bleker, regional manager for Axiom Properties, also sent residents a letter providing background on Axiom and saying “in the next few months we hope to bring some exciting changes to the property.”

If the sale price of $29 million is divided among the 319 units, the price per unit equates to $90,909 or a little more than $105 per square foot.

“The property is a signature, award-winning multifamily asset located in Waukesha County, the most sought-after county in Wisconsin,” said Matthew Whiteside, a first vice president of Investments in Marcus & Millichap’s Milwaukee office. “Being owned and operated with pride by the original developer, it’s easy to see the high quality and attention to detail that’s been put into Mountain Village.”

Mountain Village was built in three phases in 1987, 1989 and 1992, according to the announcement. The eight floor plans range in size from 450 square feet to 1,356 square feet and include studios, one-bedroom units, two-bedroom/two-bath apartments and two-bedroom/two-and-a-half bath townhomes, along with nine retail spaces.  Rents range from $699 to $1,150 per month.