Deal Close
August 13, 2026
Type
Multifamily, 142 units
Price
$18,100,000
Ryan Carter
Midwest Multifamily Team
Doak Walker
Financial Analyst
Executive Summary
Greysteel originally sold this property back in 2019, while it still carried income and rent restrictions from a prior LIHTC decontrol process.
The buyer completed that restriction phase-out and, over five years of strong Milwaukee-area rent growth, converted it fully to market rate. Relisted, the asset drew 12 offers and closed at $18,100,000 after a $600,000 physical-condition adjustment.
The Challenge
The property’s income history spanned a transition from restricted to market-rate operation, complicating how buyers should underwrite forward rent growth, and the local Milwaukee-area investor with the highest offer ultimately withdrew rather than continue through a formal, structured process.
The Solution
Greysteel ran a full qualification and interview process across bidders rather than defaulting to the highest number from a less process-tolerant buyer. The team steered toward a Chicago-based buyer at $18.7 million, whose financing was structured locally — a choice that helped insulate the deal from a subsequent spike in Treasury yields.
Results
- $18,100,000 sale price, after a $600,000 retrade tied to physical condition items
- 12 offers generated, with three finalists above the team’s $18 million target
- Buyer secured local bank financing, avoiding exposure to broader rate volatility that followed shortly after
- Closed at approximately a high-6% cap rate on in-place numbers
“Greysteel generated 12 offers and multiple bids above $18 million through a competitive marketing process. The team ultimately secured a local long-term investor who financed through a local bank, helping mitigate broader interest rate volatility. Despite a $600,000 adjustment for physical conditions, the transaction closed at a strong valuation for the asset’s vintage.” — Doak Walker and Ryan Carter, Greysteel Lead Deal Contacts
Greysteel Advisory Expertise
Greysteel is a commercial real estate advisory firm specializing in investment sales and debt and structured finance, serving private investors, middle-market operators, and institutional clients nationwide.
The firm provides sector-focused advisory across multifamily, healthcare, and affordable housing and other commercial real estate asset classes, delivering market intelligence, capital markets expertise, and disciplined execution.
