WAYNE, PA — PPR Capital Management, a private equity real estate investment firm, has announced the acquisition of The Villas at Foxwood, a 232-unit townhome-style multifamily community in Brown Deer, Wisconsin. Located just 15 minutes northwest of downtown Milwaukee, the $38.3 million acquisition marks PPR’s first investment in the Milwaukee Metropolitan Statistical Area (MSA), furthering its expansion into the upper Midwest.
Spanning 21 acres, The Villas at Foxwood offers private entrances, attached garages, fireplaces, and in-unit washers and dryers. Recognizing below-market rental rates, PPR plans to enhance the property with unit upgrades, including stainless-steel appliances and premium flooring, as part of a value-add strategy.
“The Villas at Foxwood acquisition aligns perfectly with our evolving investment strategy focusing on communities with strong fundamentals in growing markets,” said Steve Meyer, CEO of PPR Capital Management. “This transaction showcases our commitment to portfolio diversification and delivering attractive risk-adjusted returns for our investors.”
Milwaukee’s multifamily market boasts substantial strengths, including the nation’s 8th lowest vacancy rate at 5.6% and a 2.4% year-over-year rent growth, surpassing the national average of 1%, according to CoStar data. With limited new developments forecasted for 2025 and beyond, and favorable affordability conditions, the market is set for continued momentum.
Christopher Cordes, Director of Multifamily Investments at PPR, emphasized the strategic merits of the acquisition. “The Milwaukee market’s growth, combined with the townhome’s unique features, makes this a particularly compelling investment for PPR. The area’s vibrant downtown and lakeside amenities further strengthen its appeal.”
PPR partnered with Archstone Capital as the General Partner and Harmoniq Residential as Co-GP and property manager. The $19.4 million equity structure includes PPR’s primary equity investment of over $18 million.
“We’re thrilled to collaborate with PPR on this acquisition,” said Chris Salazar, Founder and CEO of Archstone Capital. “The Villas at Foxwood fits squarely within our investment thesis, and we’re excited to execute a business plan that generates value for residents and investors alike.”
This acquisition represents PPR’s ongoing commitment to identifying high-potential assets in key markets and delivering value through strategic enhancements.
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