Cobalt Partners, Joseph Property Development acquire portfolio of apartments and development site in $59 million deal

Milwaukee-based Cobalt Partners and Joseph Property Development have partnered on the purchase of a $59 million apartment portfolio from West Allis-based Supreme Builders.

The deal includes a 25.5-acre vacant parcel of land off I-894 in Greenfield where Cobalt and Joseph plan to develop a 250-unit apartment complex. The site is southwest of South 92^nd Street and Coldspring Road, near the Hale Interchange.

Among the other properties in the portfolio are seven apartment complexes located in Greenfield, West Allis, Franklin, St. Francis, and Oconomowoc, all of which were constructed by Supreme Builders.

“I have been talking with Bob Baierl (of Supreme Builders) for about two years about the vacant parcel off of 92^nd Street,” said Scott Yauck, president and CEO of Cobalt Partners. “I have been interested in that because it is kitty-corner from our 84South development. We are certainly bullish on the multi-family market, and Supreme Builders’ properties are just quality, all brick, large-size units, and just make a great portfolio.”

The deal also includes a flex-use building at 1433 S. 113th St. in West Allis where Supreme Builders has its property management office. That office will be now assumed by the Joseph Property Development, which will take over the management of the existing apartment buildings, said Robert Joseph, founder and CEO of Joseph Properties.

“Bob is a real hands-on builder, so am I, and we were very lucky to forge a deal,” Joseph said. “These are beautiful buildings. Many of the units in these developments are close to 1,500-square-feet or more. Some even have jacuzzis.”

Coblat Partners and Joseph Properties most recently partnered on the soon-to-be-constructed 267-unit apartment complex at the 38-acres Loomis Crossing Development in Greenfield that Cobalt is leading.

Here is a list of the properties that are part of the $59 million portfolio:

• Vacant land in Greenfield (located southwest of South 92^nd Street and Coldspring Road in Greenfield)
  • Purchase Price: $4.08 million
  • Acres: 25.5
• Parkway Central Apartments, 1612-1632 S. 76th St., West Allis
  • Purchase Price: $4.28 million
  • Units: 48

• Greenfield Park Apartments, 4700-4721 S. Supreme Court, Greenfield
  • Purchase Price: $6.22 million
  • Units: 48

• Central Park Apartments, 1461-1541 S. 98TH St., West Allis
  • Purchase Price: $7.12 million
  • Units: 72

• Orchard Park Apartments, 6901-6951 W. Orchard St., West Allis
  • Purchase Price: $5.23 million
  • Units: 48
• Parkwood Lake Apartments, 6801-9885 S. 68^th St., Franklin
  • Purchase Price: $15.3 million
  • Units: 88

• Lake Park Apartments, 3301 E. Howard Ave., Saint Francis
  • Purchase Price: $9.18 million
  • Units: 50

• River Park Apartments, 115-137 Chafee Road, Oconomowoc
  • Purchase Price: $6.22 million
  • Units: 48

• Flex-used commercial building, 1433 S. 113th St., West Allis
  • Purchase Price: $1.33 million
  • Acres: 1.6