TFG MILWAUKEE: PROJECT PORTFOLIO

Our Development Principles are Based on Simple Designs and Clean Colors 

EYES ON MILWAUKEE!

Illinois Firm Buying Up East Side Buildings

Fairchild Acquisition buys five apartment buildings in six months, with plans for more. Fairchild Acquisition is quickly putting down roots in the Milwaukee housing market. The firm modernizes the interior of the aging properties, giving them “condo-style” finishes, and markets them primarily to non-student residents.


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Milwaukee “Value Added” Multi-Family Investment Thesis


Fairchild Acquisition has decided to apply its Edgewater business model to Milwaukee based on a few reasons.  


Fairchild Acquisition bought the buildings at 2735 N. Murray Ave., 2634 N. Stowell Ave. and 2505 E. Park Place for $3.87 million. Sam Grossman, managing partner of Fairchild, said the buildings have 29 units total. 


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Grossman was born and raised in Milwaukee, and has numerous strong relationships in the market, which should create access to off-market deals at attractive values. The specific market we have chosen in Milwaukee has many of the same characteristics as the Edgewater area, specifically access to Lake Michigan and the nearby beaches, as well as public parks, hospitals and a retail corridor.


This portfolio’s close proximity to the University of Wisconsin-Milwaukee (UWM) campus, much like the proximity to Loyola University for our Edgewater portfolio. In the past four years, UWM enrollment has increased from 18,000 students to 25,000, an increase of 38%, including the percentage of out of state students growing from 6% to 15%, thus creating a need for additional and higher quality housing. Fairchild Acquisition sees this as a great value add opportunity to provide our quality rehabbed units thus fulfilling the areas demand. 

 

  • Grossman has numerous strong relationships to create access to off-market deals 
  • Staggering growth in enrollment at University of Wisconsin-Milwaukee.  
  • Access to Lake Michigan, beaches, public parks, hospitals and a retail corridor
  • Minutes north of downtown Milwaukee 
  • Minimal rehab to generate significant rent increases
  • Existing construction crew, keys in executing our business model to date, to complete the rehab
Milwaukee Portfolio Details
MILWAUKEE PORTFOLIO DETAILS
Anticipated by 2022 Current Remaining
Buildings 25 8 17
Units 200 80 120*
Acquisition Cost $25 million $12.5 million $12.5 million
Rehab Cost $7 million $3 million $4 million
Equity Raised $11 million $5 million $6 million
Anticipated Value $50 million $22 million $28 million

NEW PROJECTS

TFG Milwaukee IV

Fairchild Acquisition, LLC (“FA”) is pleased to present the opportunity to invest in one multi-family building at 1534 N Farwell Avenue. The Property is a three-story building and comprise a 11-unit portfolio consisting of 3 one-bedroom units, 7 two-bedroom units, 1 three-bedroom unit, and 15 parking spaces. The contracted purchase price is $850,000. At stabilization, FA projects 1534 N Farwell — “as complete” 8.2% stabilized cap rate ((stabilized NOI of $151K)/ (Purchase Price + Rehab Cost= $1.850 mm.)) 

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ON-GOING PROJECTS

TFG Milwaukee III

Property acquired in May 2021. This three Building, 32 unit portfolio was acquired for $5 million and our estimated development cost is $950K. Total equity that has been secured is $2 million with an anticipated hold period of five years. We estimated 18-24 months to redevelop this project and achieve stabilization.

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ON-GOING PROJECTS

TFG Milwaukee II

Property acquired in February 2021. This two Building, 28 unit portfolio was acquired for $2.9 million and our estimated development cost is $800K. Total equity that has been secured is $1 million with an anticipated hold period of five years. We estimated 18-24 months to redevelop this project and achieve stabilization.

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ON-GOING PROJECTS

TFG Milwaukee I 

Property acquired in September 2020. This three Building, 29 unit portfolio was acquired for $3.9 million and our estimated development cost is $700K. Total equity that has been secured is $1.5 million with an anticipated hold period of five years. We estimated 18-24 months to redevelop this project and achieve stabilization.

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