Northmarq arranges $57.7M sale and acquisition financing for Forte at 84South apartments in Greenfield, WI

GREENFIELD, Wis. (Dec. 12, 2024) — Northmarq’s Midwest Multifamily Investment Sales team of Parker Stewart, Dominic Martinez, Alex Malzone and Jake Lamb successfully brokered the $57.7 million sale of Forte at 84South, a 268-unit multifamily community in Greenfield, Wisconsin. Built in 2018, the garden apartments boast resort-style amenities in the lively 84South neighborhood.

Northmarq represented the seller, Fiduciary Real Estate Development Inc. The buyer was The Brookview Companies, led by its president, David Ostreicher.

“The overall interest and competitive bidding process for Forte at 84thSouth is representative of investor’s ‘flight to quality’ in today’s market,” said Stewart. “The desirable vintage, submarket, and historical occupancy allows for both immediate and long-term revenue upside.  As such, new ownership will be able to achieve its yield targets over a moderate to long-term hold strategy.”

Northmarq’s Debt + Equity team, led by Brett Hood, David Link, Kevin McCarthy and Cole Boland, secured the financing through its in-house Fannie Mae DUS platform.

“Our team is excited for an all-around great execution for the buyer and the seller,” said Malzone. “The strong historical operations and quality construction of the asset generated considerable interest and factored into 20 buyers, based all over the country, submitting written offers.”

“Our collaboration with the Investment Sales team and deep relationship allowed us to secure financing for the buyer at very favorable terms,” said Link.

Forte at 84South is ideally located at the Hale Interchange (Interstates 41 and 43; Highways 41 and 45), offering residents seamless transportation to both Milwaukee Regional Medical Center and downtown Milwaukee. Additionally, the 268-unit property is adjacent to a 48-acre mixed-use development home to 195,000 sq. ft. of retail space with well-known retailers such as Fresh Thyme Market, Kohl’s, Outback Steakhouse and Portillo’s.

The multifamily community, built in 2018 by Fiduciary Real Estate Development, Inc., offers contemporary one-, two- and three-bedroom floorplans with luxury finishes and high-end community amenities. Interior finishes include 9-foot ceilings, plank flooring with double sound matting, stainless steel appliances, quartz countertops, in-unit washer/dryer and a patio/balcony in most units.

Prior to its sale, Forte at 84 South was part of Fiduciary Real Estate Development’s extensive portfolio. As one of Wisconsin’s largest real estate companies, Fiduciary owns and manages more than 9,000 market rate apartments and has an owned portfolio conservatively valued at over $2 billion. To learn more, visit www.fred-inc.com.