Sale of Age-Restricted Community in Milwaukee Closes
CHICAGO, IL—JLL Capital Markets announced last week that it has closed the sale of and acquisition financing for the Oaks of Shorewood, a 101-unit luxury, age-restricted (55+) multi-housing community in Shorewood, WI.
Weidner Apartment Homes acquired the property. JLL worked on behalf of the new owner to originate a Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
The four-story building offers a mix of one- and two-bedroom units averaging 1,115 square feet. Unit amenities include granite counters with large islands, maple cabinets, stainless steel appliances, in-unit washer and dryer, balconies and walk-in closets. The Oaks of Shorewood features 7,000 square feet of indoor amenities, including a game room with billiards, a fitness center, golf simulator with kegerator, library, business center and rentable entertaining room. In addition, the property has two outdoor courtyards with a lap pool and whirlpool, two outdoor kitchens, pickleball court, dog run, fire pit and access to the Oak Leaf Trail.
The community is located at 3900 Estabrook Pkwy. in the exclusive Village of Shorewood in the North Shore of Milwaukee, which is ranked the fifth “Best Place to Live in Wisconsin.” The Oaks of Shorewood is proximate to Lake Michigan and the Milwaukee River, Hubbard Park Beer Garden, the 50-acre Estabrook Park and Village’s main drive, which is known for eclectic boutiques and trendy restaurants. The affluent area is 10 minutes from downtown Milwaukee and boasts average home values of $425,000 and an average household income of $112,000. Furthermore, the Oaks of Shorewood is the only luxury community of its kind in the county, and benefits from the high barriers to entry in the North Shore submarket.