CHICAGO—Tricap Residential Group has bought an apartment community in the Milwaukee suburbs for $6.55 million.
The community, called Franklin Park Apartments, has 128 apartments. It will be renamed Haven Franklin Park. Tricap said it plans to renovate the unities and modernize the common areas.
This is Tricap’s first purchase in Wisconsin. The Chicago-based company now owns and operates 16 apartment communities in five states.
The investment is co-sponsored with The Wolcott Group, the fourth deal on which the two firms have partnered. The acquisition was financed with a loan assumption of an existing Freddie Mac mortgage originated by Justin Nelson of Walker & Dunlop.