Stabilized ‘Class A’ Asset – 59 LP Investor A-Units for purchase
Deal Overview
Total Raise
$1.01M
Minimum Investment
$300K
Hold Period
7 Years
LP IRR
17.4%
Return on Equity
2.1x
Located on the prominent intersection of Van Buren and Juneau, NOVA is a 9-story, 251-unit luxury apartment community in the heart of Milwaukee's East Town opened in 2023. The project brought new construction luxury product to a submarket that had not seen an approachable price point in over a decade.
The Offering:- A-Units purchased by an original investor in the deal are available for purchase for $10 over the original purchase price from 2021.
- 59 A-Units (LP investor equity) available for purchase at $1,010,090.00.
- The A-Units come with the accrued but not yet distributed 8% preferred return attributed to these 59 Units since their purchase.
- Proforma return on this investment going in today and using a 5.5 exit cap (target exit is 2033) is 17.4% IRR, 2.1x multiple and a yielding 7.9% stabilized cash on cash beginning 2028.
- Target Closing / Funding is March 5, 2026.
Project Breakdown
- Total Units: 251 (187 1BR, 50 2BR, 6 3BR, and 8 Luxury Townhomes)
- Retail: ~2,200 SF of ground-level corner retail (leased)
- Parking: 300 indoor spaces serving residents and retail employees
- Unique Amenities: 3rd-floor clubhouse, outdoor pool deck overlooking the city, integrated lobby working spaces, and EV charging stations.
- Occupancy: The Property is at 88% occupied today and on pace to reach 95% occupied by fall of 2026.
Financials
- The property was refinanced in October 2025 with a 10 year Freddie Loan fixed at 5.4%, with 7 years I/O.
- The property is cash flow positive today and steadily paying off a partner loan (at 8%) by mid-2027.
Investment Highlights
- Efficient Layouts: Using smaller spaces with clever planning to offer an affordable price point without sacrificing livability. This model has been proven successful in prior New Land projects like Urbanite and Quartet.
- Innovation in Construction: Utilizing a light gauge steel framing system (pioneered by New Land in SE Wisconsin) which offers superior fire ratings and eliminates the contraction/expansion common in stick-frame construction.
- Sustainability Leader: Designed to qualify for LEED, Green Globes, and Energy Star certifications. Features a radiant hydronic heating system that is significantly more efficient than gas furnaces and improves air quality by eliminating ductwork.
- Scaled for Efficiency: At 251 units, the project achieves operational efficiencies and robust amenities that smaller downtown developments (typically under 150 units) cannot match.
- Rare Townhome Product: Includes 8 luxury townhomes with parking adjacent to rear entrances, serving as a highly sought-after "live-work" product in the downtown core.
Location: East Town
NOVA is situated at the intersection of Juneau and Van Buren, two of Milwaukee's most visible arteries. The site earns its designation as a "Walker's Paradise" with a WalkScore of 95 and a BikeScore of 85.
The Epicenter of Activity
- Connectivity: Within 1 block of every downtown bus route and adjacent to the brand-new streetcar (The Hop) connection.
- Proximity: Short walk to Cathedral Square (epicenter of downtown festivals), Juneau Park, the Milwaukee Art Museum, and the lakefront.
- Education & Employment: Adjacent to MSOE campus and equidistant to Marquette and UWM campuses.
- Dining & Entertainment: Walking distance to the Brady Street district and popular local markets.
Nearly all parts of the city can be reached from the site in less than 20 minutes due to the proximity to the recently rebuilt I-94 and I-43 interchanges.
Meet the Team
New Land Enterprises is the developer and manager of the project and is also invested in the project. The A-Units being offered represent ownership interests held by a private LP investor with a need to repatriate their capital. New Land is offering these A-Units on their behalf to facilitate their objectives and will remain invested in the project.
New Land Enterprises
Founded in 1993, New Land Enterprises is a Milwaukee-based real estate development, acquisition and management company. Since its inception, New Land has been a leader in the market by identifying up-and-coming neighborhoods and pioneering innovative building designs, including the use of light gauge steel in multi-family mid-rises and the use of mass timber. Today, the company owns and manages over 1,500 apartments and has developed 29 projects, adding over $500,000,000 of value to downtown Milwaukee.
Wiechmann Enterprises
Wiechmann Enterprises is a Wisconsin-based property management, brokerage, and real estate development company which owns and operates over 3,000 apartments and over 100,000 square feet of commercial real estate in Wisconsin and Florida. As a longtime collaborator with New Land Enterprises, the two companies have already developed ~900 units across 8 successful projects.
Catalyst Construction
Named one of southeastern Wisconsin’s fastest-growing companies for seven consecutive years, Catalyst Construction employs over 60 construction professionals. The team working on NOVA features LEED-accredited professionals knowledgeable in the latest building systems, lean construction practices, and complex urban development.
Korb + Associates Architects
Korb + Associates Architects is a progressive design firm that has executed projects throughout the United States. Lead architect Jason Korb, principal on the record-breaking Ascent project, is licensed in 22 states with over 20 years of experience. The firm has designed 4 projects for New Land in conjunction with Catalyst Construction, creating a deep professional synergy that produces superior results.
Invest in Stabilized ‘Class A’ Asset – 59 LP Investor A-Units for purchase
Total raise
$1.01M
Min Investment
$300K
Hold time
7 Years
LP IRR
17.4%
Return on equity
2.1x
↓ More details available to qualified investors ↓
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