Milwaukee’s Rocky Start to 2024: Q1 Multifamily Market Review

Total Sales Volume & Units Sold

The Milwaukee multifamily market has had a challenging start to 2024, with a significant decrease in total sales volume, which dropped by 68%. The sales volume for Q1 2023 was $66 million, but this fell to $21 million in Q1 2024. Additionally, 503 units were sold in Q1 2024, a 23% decline from the 651 units sold in Q1 2023.

A key factor behind this dramatic difference is the sale of the Blankstein Enterprises portfolio at the beginning of 2023. Blankstein Enterprises, a third-generation, family-owned investment and property management firm established in Milwaukee in 1932, sold a total of 11 properties comprising 784 units. Of these, 328 units were located in Milwaukee, representing $35.8 million—over half of Q1 2023’s total sales volume. This sale was a unique event, with the portfolio purchased by another local generational family-owned business, Katz Properties.

Currently, Berrada is Milwaukee’s most active buyer, responsible for $11.6 million worth of sales in Q1 2024, which accounts for 54% of the total volume.

Notable sales for Q1 2024 include Berrada’s purchase of the Highland Boulevard Apartments from Sherman Associates at the beginning of the year. This deal involved six buildings and 235 units of subsidized housing.

Another significant transaction was the sale of Venice Court Apartments, a property built in 2005 on Marquette University’s campus. This 12-unit deal was completed through a land contract at $150,000 per unit. Throughout 2023, many buyers proposed seller financing, but sellers were hesitant. Land contracts might become more common this year.

Average Sales Price/Unit & Average Sales Price/SF

The average sales price per unit decreased by 39%, dropping from $90,000 per unit to $55,000 per unit. The average sales price per square foot also decreased by 18%, from $98/SF to $80/SF.

For questions, contact Luis Robles at 773-293-5067 or lrobles@kisergroup.com 

All data was sourced from the State of Wisconsin’s Department of Revenue Real Estate Transfer Data.