Riverwalk Apartments
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Project Links
2018Year Built |
136Total Units |
Ryan Business Park (a joint venture of General Capital and Capstone Quadrangle) and Joseph Property Development acquired Riverwalk Apartments as 50/50 partners in February 2018. The long-term acquisition strategy is to enhance the asset’s value through optimizing property management and updating apartment units as turnover occurs. The asset was stabilized at acquisition and has had a long history of low vacancy rates and strong operating income.
Riverwalk Apartments is located on approximately 6 acres along the Fox River Sanctuary in downtown Waukesha, Wisconsin. The real estate improvements include six buildings that are two and three stories each with a total of 136 units averaging 910 SF in size. The project has a full-time management office, a clubhouse and plenty of on-site and underground parking. Riverwalk is a convenient walk to downtown Waukesha where additional restaurants, fitness studios, coffee shops and nightlife can be found.
KEY THEMES
- Value-add multifamily acquisition focused on enhancing a stabilized residential community through strategic property management and ongoing unit improvements
- Six-acre setting along the Fox River Sanctuary combines natural surroundings with convenient access to Downtown Waukesha
- Long-term investment strategy emphasizes incremental apartment renovations as turnover occurs while maintaining stable property operations
- Established residential community benefits from a history of low vacancy and strong operating performance
- Walkable downtown location connects residents with restaurants, fitness studios, coffee shops, entertainment, and other neighborhood amenities
RESULTS
- Acquired a stabilized 136-unit multifamily community in February 2018 through a 50/50 investment partnership
- Maintains six residential buildings across approximately 6 acres adjacent to Waukesha's Fox River Sanctuary
- Provides apartment homes averaging approximately 910 SF alongside a clubhouse, professional management office, and extensive parking
- Implemented an ongoing value-add strategy focused on property management optimization and targeted apartment improvements at turnover
- Built upon the property's established history of low vacancy and strong operating income through continued ownership and reinvestment
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