Tricap Acquires Apartment Community in Milwaukee Suburbs

CHICAGO, May 20, 2019 /PRNewswire/ -- Chicago, IL-based Tricap Residential Group, an owner and operator of multifamily communities, has closed on the acquisition of Franklin Park Apartments for a purchase price of $9,550,000. This transaction will add another 128 apartments to Tricap's existing portfolio and is their first acquisition in Wisconsin. Tricap now owns and operates apartment communities in five states.

The property will be rebranded as one of Tricap's Haven communities. Tricap will execute a value-add strategy including significant unit renovations, modernization of the common areas, and professional management practices that will maximize rents at the property.

"We are thrilled about this opportunity as this acquisition allows us to continue our execution expertise on another well-located, well maintained suburban asset," said Bryan Pritchard, President/CEO of Tricap.  "The continuing trend of renting versus owning has spread to suburban submarkets, and our renovated apartment communities allow us to offer a very high-quality product at an affordable price.  Combined with our focus on exceptional service, we believe we have the best value proposition for renters in the marketplace."

The investment is co-sponsored with The Wolcott Group, the fourth deal the two firms have partnered on.  The acquisition was financed with a loan assumption of an existing Freddie Mac mortgage originated by Justin Nelson of Walker & Dunlop.

About Tricap

Founded in 2007, Tricap Residential Group is a fully integrated owner and operator of multifamily properties through the Midwest. Tricap currently manages 16 multifamily assets in 5 states with an asset value in excess of $250 million. The firm offers investment opportunities to accredited investors at www.TricapInvestors.com.

About The Wolcott Group

Founded in 1998, The Wolcott Group is a private equity real estate company that currently manages investments in approximately $300 million of real estate assets through direct investments, opportunistic funds, and separate co-investment vehicles. Wolcott invests in a variety of opportunistic, transitional, and complex value-add situations. We invest throughout the capital structure and across a broad spectrum of real estate asset classes, including multifamily residential apartments, manufactured housing, office, independent and assisted living facilities, industrial, and retail. Our assets are in Illinois, Wisconsin, Indiana, Michigan, Missouri, Arizona, and Kentucky.

Contact: Bryan Pritchard, President/CEO, 312-988-9825, [email protected], www.TricapRes.com

SOURCE Tricap Residential Group

Related Links

http://www.tricapres.com