Becovic, Next Realty JV on Milwaukee Apartment Portfolio
A joint venture partnership between Becovic and Next Realty, two Chicago-area real estate investment and management firms, has acquired a 14-building, 232-unit multifamily portfolio within a one-mile radius of Marquette University in Milwaukee.
Taylor Grant with Park Equities represented the seller, Wiegand Enterprises LLC. The sale price was $16.15 million.
The stabilized portfolio includes units ranging from studios to four-bedroom apartments. At the time of the acquisition, the portfolio was approximately 95% leased.
“This acquisition, and the joint venture partnership, help us to further execute a multi-solution strategy where we acquire multifamily, retail, office and industrial properties in select markets with diverse income streams,” said Andy Hochberg, CEO and managing principal, Next Realty. “In partnering with Becovic, we are also able to immediately establish a strong operational presence in Milwaukee’s multifamily market and further develop our Next Equity joint venture program.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).