Location: Waukesha, WI
Size: 32-units
Acquisition: 2024
Stabilization: In-Progress
River Park Apartments
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Built in 1966, The River Park Apartments feature a mix of 1 and 2-bed units in a prime location near downtown Waukesha. The property will be improved through unit renovations and professional management. The combination of updated units and a highly desirable location across from Frame Park and the Fox River, make this an investment with tremendous upside.
Evergreen Terrace
Location: Hartford, WI
Acquisition: 2023
Size: 40-units
Stabilization: In-Progress
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Evergreen Terrace was a 1967 built apartment complex featuring forty, 2-bed/1-bath units. 35 out of the 40 units had already been renovated by the prior owner with all new kitchens, bathrooms and a mix of LVP and refinished hardwood floors. Upon acquisition, Brew City Capital Group began renovating the 5 units still in need of updates. Starting rents averaged $744 per unit which is well below the market average for two bedroom apartments in the area. Through professional management and a proper marketing strategy, the rents will be increased to $1050 average within the first two years of operation. Once the property is fully stabilized the asset will be refinanced and held for an additional 5-7 years.
Hemlock Woods Apartments
Location: Jackson, WI
Acquisition: 2022
Size: 48-units
Stabilization: In-Progress
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Upon acquisition, Brew City Capital Group began renovating units and increasing in-place rents. With a mix of renovated and dated units not every unit was in need of renovation. Average renovation cost was less than $8,000 per unit. Average rent was increased from $850 per unit to $1044 per unit within the first year of ownership. Other property improvements include new roofs, gutters and downspouts at both buildings as well as a new parking lot planned for summer of 2023. With year 4 NOI nearly achieved within year 1, ownership is planning a return of capital as soon as interest rates begin to come down. After returning investor capital via cash-out-refinance, the property will settle into a longer term hold.
Harbor Ridge Apartments
Location: Port Washington, WI
Size: 112-units
Acquisition: 2022
Stabilization: In-Progress
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Upon acquisition, Brew City Capital Group began an aggressive plan of renovating all 112-units. Average unit renovation cost is between 8k-10k per unit and consists of LVP flooring, painted kitchen cabinets, new cabinet hardware, new countertops, appliances, light fixtures and paint throughout. Average rent was increased from $775 per unit to $1167 per unit after renovations. Other property improvements include additional coin-op laundry machines and common area improvements. Unit renovations are expected to be completed within the first 18-months of ownership. Once property is fully stabilized ownership will complete a cash-out refinance to return initial investment capital. Property will then be held long term as a stabilized asset.
Location: Whitewater, WI Acquisition: 2021
Size: 28-units Stabilization: 2023
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Upon acquisition, Brew City Capital Group took over the mis-managed asset and began increasing in-place rents, renovating select units and signing commercial tenants to longer term leases. Year 4 pro forma rents were achieved within the first year of ownership. Property was stabilized less then two years after purchase and ownership is preparing for a strategic exit when the opportunity arises.
Location: Eagle, WI Acquisition: 2021
Size: 18-units Stabilization: 2022
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Upon acquisition Brew City Capital Group began raising in-place rents and renovating units as during turnover. Property was severely mis-managed at acquisition and with implementation of professional management the property was quickly turned around and achieved double digit cash on cash returns within the first year. Property was acquired for $1,150,000 and received $85,000 in closing credits from the seller. Improvements to the building included renovation of many units, a new roof, and chimney tuckpointing and restoration. Property was fully stabilized by summer of 2022 and a cash-out-refinance was completed at an appraised value of $1,750,000. Investors received 160% return of capital during the refinance and the property is still being held and operated by Brew City Capital Group today.