CBRE Arranges $60 Million Sale of 374-Unit Milwaukee Multifamily Portfolio for Weidner Apartment Homes

CBRE has arranged the $60 million sale of St. James Place and Arbor Ridge Apartments, a 374-unit multifamily portfolio located in Milwaukee's Calumet Farms neighborhood. Weidner Apartment Homes sold the properties to Bedford Affordable Housing Foundation, in partnership with Post Real Estate Group, at a price of approximately $160,428 per unit.

Transaction Details and Brokerage Team

Sean Beuche, Matson Holbrook and Gretchen Richards of CBRE represented Weidner Apartment Homes in the transaction. Jim Flinn of CBRE's Affordable Housing Debt and Structured Finance team arranged financing on behalf of the buyer.

"Milwaukee continues to attract out-of-area institutional capital and this portfolio reinforces it," said Beuche. "Weidner operated these assets with discipline and care and the purchaser brings the operational depth and long-term conviction to build on that foundation. This was a well-matched transaction between two stellar owners."

The acquisition and planned renovations are being financed in part through an $88 million tax-exempt bond issuance approved by the Wisconsin Health and Educational Facilities Authority. The bond amount exceeds the $60 million purchase price, reflecting that the financing package encompasses renovation costs, reserves and other project-related uses in addition to acquisition debt.

Weidner Apartment Homes is headquartered in Kirkland, Washington, while Bedford Affordable Housing Foundation is based in Beverly Hills, California — a transaction structure that Beuche characterized as consistent with Milwaukee's growing appeal to out-of-area institutional investors.

Property Overview: St. James Place and Arbor Ridge Apartments

The two properties sit less than a quarter mile apart in Milwaukee's Calumet Farms neighborhood, providing operational efficiencies for a single owner. Both offer convenient access to major employers, retail, dining and outdoor recreation throughout northwest Milwaukee.

St. James Place, located at 10300 Fountain Ave., comprises 236 units ranging from 675 to 1,060 square feet. Amenities include private walk-out balconies, in-unit washers and dryers, granite countertops, nine-foot ceilings, wood-burning fireplaces in select units, an outdoor pool, a 24-hour fitness center, a yoga studio, a resident clubhouse, sports courts, grill and picnic areas, and a tanning salon. State records indicate the property sold for $36 million, implying a consideration of approximately $24 million for Arbor Ridge.

Arbor Ridge Apartments, located at 7960 N. 107th St., consists of 138 units ranging from 788 to 1,125 square feet. The property, built in 1999, offers private entrances, vaulted ceilings, stainless steel appliances, in-unit washers and dryers, attached garages in select units, an outdoor pool, a 24-hour fitness center, a business center, a resident clubhouse and a tanning salon.

Affordable Housing Conversion

Bedford Affordable Housing Foundation and Post Real Estate Group plan to convert the two market-rate communities to income-restricted housing, with rents restricted to 60% and 80% of area median income. The structure pairs a nonprofit affordable-housing platform with an operating and investment partner, an approach commonly used to execute affordability conversions of existing apartment communities.

The transaction illustrates a broader dynamic in which institutional capital — including buyers focused on affordable housing preservation — is entering regional multifamily markets such as Milwaukee. The proximity of the two assets supports shared staffing, maintenance, leasing and amenity operations under the new ownership.

Long-Standing Seller Relationship

CBRE's relationship with Weidner Apartment Homes on these properties spans more than a decade. Beuche noted that the team's now-retired colleague Patrick Gallagher first introduced Weidner to the portfolio and was instrumental in the original acquisition alongside Sunset Ridge, a third property that Weidner sold in a separate transaction earlier in 2026.

"CBRE's relationship with Weidner on these properties stretches back well over a decade, when the team's now-retired colleague Patrick Gallagher first introduced Weidner to this portfolio and was instrumental in their original acquisition alongside Sunset Ridge, which they sold in a separate transaction earlier this year," Beuche said.

Sources

CBRE Press Release: CBRE Arranges $60 Million Sale of 374-Unit Milwaukee Multifamily Portfolio