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New Wauwatosa apartment development adding units

Land and Space

Journal Sentinel business reporter Tom Daykin talks about commercial real estate and development.

June 12, 2012

By Tom Daykin of the Journal Sentinel

June 12, 2012 0

The Enclave, a 152-unit apartment development in Wauwatosa, plans to add another 40 units.

HSI Properties LLC started construction last year on The Enclave, at W. State and N. 62nd streets. One building is completed, and another is to be finished by Aug. 1.

Of the 152 units in the first two buildings, 100 are leased, said Ryan Schultz, HSI co-owner. Another 10 to 12 units are being held under reservations that are being converted into leases.

"Needless to say, it's exceeded our expectations," Schultz said. "There's a niche market there."

The third building, with four stories, will have one-bedroom units, Schultz said. It will include 32 enclosed parking spaces on the first floor, and 16 spaces on a surface parking lot.

Construction could begin this fall, Schultz said. It would take about six to seven months to build, he said.

HSI Properties is talking to local banks about obtaining a loan for the building, which will cost around $5 million to develop, he said.

To finance The Enclave's first two buildings, HSI paid for a federal guarantee for its $20 million construction loan.

The guarantee allows the firm to pay back the loan over 40 years, instead of a 10-year term that a typical private lender would demand. That results in HSI making lower payments, but also paying more in interest charges over the life of the loan.

With The Enclave leasing up at a rapid pace, HSI won't need to seek a federal guarantee to obtain a loan for the 40-unit building, Schultz said.

The building was recommended for preliminary approval Monday night by the city Plan Commission.

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About Tom Daykin

Tom Daykin covers commercial real estate and development.

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Helpful Links and Resources

Check the Milwaukee Assessor’s Office website, which includes tools to look up property assessments.

Find property assessments for other communities throughout the state at AssessorData.org.

The Milwaukee Department of City Development website includes information on the city Plan Commission and Redevelopment Authority.

The Commercial Association of Realtors Wisconsin offers information on commercial realtors and real estate.

The Milwaukee chapter of the Institute of Real Estate Management serves the needs of real estate management professionals

The Wisconsin chapter of the NAIOP Commercial Real Estate Development Association aims to serve developers and owners of commercial real estate.


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