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Tricap Expands into WI with Milwaukee-Area Deal
Chicago-based Tricap Residential Group has closed on the acquisition of Franklin Park Apartments in Milwaukee for $6,550,000. This transaction, which adds 128 apartments to Tricap’s existing portfolio, represents the company’s first in Wisconsin.
The property will be rebranded as one of Tricap’s Haven communities. The new ownership plans to execute a value-add strategy.
“The continuing trend of renting versus owning has spread to suburban submarkets, and our renovated apartment communities allow us to offer a very high-quality product at an affordable price,” said Bryan Pritchard, president/CEO of Tricap. “Combined with our focus on exceptional service, we believe we have the best value proposition for renters in the marketplace.”
The acquisition represents Tricap’s fourth partnership with the Wolcott Group, a private equity firm also based in Chicago. It was financed with a loan assumption of an existing Freddie Mac mortgage originated by Justin Nelson of Walker & Dunlop.
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