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.