The Six Points Apartments is a 178-unit new construction, urban in-fill multi-family property located in West Allis, WI just 10 minutes west of downtown Milwaukee. The property was constructed in phases from 2007 to 2010 and consists of One and Two bedroom units with 18 unique floor plans and three commercial spaces. Six Points features a state-of-the-art clubhouse, roof terrace, coffee bar with WIFI, fitness center, elevator service and heated underground parking.
The property is located in the heart of West Allis, a near west suburb of Milwaukee. This in-fill location is across the street from the new West Allis Farmers Market and just 2 miles southwest of Miller Park, home of the Milwaukee Brewers. Downtown is accessible via the Milwaukee County Transit #23 Bus Line or a ten minute drive via I-94. There are several bars and restaurants within walking distance as well as the West Allis Town Centre, a major retail center including a Pick-N-Save grocery store.
Six Points was originally part of a larger master plan neighborhood including the new farmers market and additional mixed-use and residential components. There is a city-owned development site to the west of the property and the current owner has a site to the southeast of Six Points that is entitled for 245 additional units and comes with approximately $2 million in TIF money. This site is available but not included in this offering.
A new owner has the opportunity to acquire a fully stabilized, new construction apartment property in an excellent suburban Milwaukee location with upside in parking revenue and rents. Current rents are well below market as compared to other new construction projects in the west suburbs. Six Points averages just $1.02 per square foot while the market average is $1.23. The potential for new development adds further upside as the market occupancy of over 97% clearly demonstrates the demand for additional units in West Allis.
Milwaukee is the largest city in Wisconsin, a region historically known for its fertile rolling hills, clear lakes, breweries, and German heritage. Today, Milwaukee is in the midst of a revival. After decades of declining populations, vanishing employment opportunities and the resulting urban blight, the city is bucking those trends. A host of new construction and redevelopment, particularly along the lakefront and riverbanks, as well as a more balanced economy incorporating health care and education alongside its traditional strengths of manufacturing and financial services, has breathed new life into Milwaukee.
Milwaukeeans are known for their work ethic, a characteristic often attributed to waves of immigrants from Germany, Poland, Ireland, and elsewhere in Europe, who travelled far and labored hard to make the city what it is today. Each summer, millions of Milwaukeeans and visitors from around the globe, descend upon the city’s fairgrounds for a series of festivals celebrating the rainbow of cultures who make Milwaukee and Wisconsin their home. The largest of these festivals is Summerfest, which attracts more than a million people to the city annually and is the largest of its kind in the world.
