The Ardin: Class A Multifamily
Deal Overview
Total Raise
$12M
Minimum Investment
$100K
Hold Period
5 Years
LP IRR
20.2%
Return on Equity
2.7x
The Ardin is a 179-unit, Class A, mixed-building style multifamily development in Glendale, WI. Located in an undersupplied submarket with high barriers to entry, this highly amenitized project offers a unique mix of a corridor building and spacious townhomes, driven by conservative underwriting and strong municipal TIF support. The Ardin delivers urban amenities at suburban prices.
Investment Highlights
- Prime Location: 179-unit, Class A, highly amenitized, mixed-building style multifamily development located in an undersupplied submarket with very high barriers to entry.
- Resilient Returns: Conservative underwriting and municipal TIF support drive resilient returns: 6.9% untrended Yield on Cost and 20.2% net investor IRR.
- Experienced Sponsor/Operator: The sponsor is also the operator, with a strong track record and deep personal knowledge of the site.
- Unique Community Design: The generous 5-acre site allows for the density of a corridor building and a spacious townhome community, offering a diverse product mix.
Opportunity Overview
The Ardin is a Class A mixed-building style multifamily ground-up development in Milwaukee's North Shore, located near the Milwaukee River, Milwaukee Country Club, and Brown Deer Park, known for its expansive golf course and green spaces.
Project Details
- Address: 2510 W. Good Hope Road, Glendale, WI
- Type: 5-story, Class A, mixed-use multifamily
- Units: 179
- Avg. Unit SF: 990 SF
- Exit Cap Rate: 5.5%
Underwritten Returns (5 years)
- LP Investor IRR: 20.2%
- Minimum Investment: $100,000
- Project Equity Multiple: 2.7x
- Stabilized Yield on Cost: 7.3%
- Untrended Yield on Cost: 6.9%
Location Overview
The project site is located in Milwaukee's prominent North Shore in close proximity to multiple parks, recreation destinations, retail, and employment centers.
Location Advantages
- 15 minutes to Downtown Milwaukee
- 3.2 miles to Bayshore Mall
- Adjacent to Milwaukee County Transit (bus)
- Adjacent to Brown Deer Park & Golf Course
- 1.5 miles from Interstate 43
- 27 minutes to General Mitchell International Airport (MKE)
- 0.5 miles to Oak Leaf Trail
- Proximity to retail destinations
Unmatched Amenities
Property Amenities
- Pool deck
- 24-hour fitness center
- Pickleball court
- Community club room
- Co-working space
- Secure parcel room
- Private, climate controlled parking
- Golf simulator
- Pet spa
- Game area
- Grilling stations
- Bike parking
- Scenic & golf course views
Unit Amenities
- Open floor plans
- Designer cabinetry
- Washer/dryer
- Stainless steel appliances
- 9-foot ceilings
- Premium finishes
- Expansive windows
- Stone countertops
- Oversized balconies & patios
- Wood plank flooring
- Private townhome garages
- Private townhome entries
Financial Details
Sources
| Sponsor Equity | $1,800,000 |
| Private Equity | $10,096,877 |
| TIF Proceeds* + WEDC Grant | $8,250,000 |
| Loan | $34,122,392 |
| TOTAL | $54,269,269 |
*"TIF Proceeds" of $8M represents a “pay as you go” tax increment rebate monetized by additional loan funds.
Uses
| Construction Hard Costs | $40,028,938 |
| Contingency inside GMP | $963,442 |
| Land | $1,800,000 |
| Total Soft Costs | $7,743,666 |
| Total Loan Origination Fees | $733,224 |
| Developer's Fee | $2,000,000 |
| Developer's Contingency | $1,000,000 |
| TOTAL | $54,269,269 |
Unit Details
| Type of Unit | Number | Avg. SF | Avg. Rent (2026) | Avg. Rent/SF |
|---|---|---|---|---|
| 1 BD | 99 | 745 | $1,750 | $2.35 |
| 1 BD + Den | 23 | 991 | $2,100 | $2.12 |
| 2 BD | 26 | 1,202 | $2,592 | $2.16 |
| Penthouse | 1 | 1,919 | $5,000 | $2.61 |
| 2BD Townhomes | 25 | 1,500 | $2,900 | $1.93 |
| 3BD Townhomes | 5 | 2,000 | $3,400 | $1.70 |
| Total | 179 | 990 | $2,142 | $2.16 |
Sensitivity Analysis
| Sensitivity Analysis | - | Proforma | + |
|---|---|---|---|
| Average Rent | $2,042 | $2,142 | $2,242 |
| LP Investor IRR | 16.7% | 20.2% | 23.9% |
| Refi Interest Rate | 6.53% | 6.03% | 5.53% |
| LP Investor IRR | 19.6% | 20.2% | 21.0% |
| Exit Cap Rate | 6.00% | 5.50% | 5.00% |
| LP Investor IRR | 16.4% | 20.2% | 24.2% |
| Rent/SF | $2.06 | $2.16 | $2.26 |
| Untrended YoC | 6.4% | 6.9% | 7.3% |
Project Timeline
Project Milestones
- Site Plan Approval: August 2024 - Completed
- Rezoning Approval: August 2024 - Completed
- Development Agreement: September 2024 - Completed
- TID Creation: April 2025 - Completed
- Loan Closing/Start Construction: Q2 2025
- Construction Completion: Q3 2026
- Project Stabilization: Q4 2027
Meet the Team
New Land Enterprises is a vertically integrated real estate firm specializing in the development and management of market-rate mixed-use residential and commercial properties. With a philosophy centered on long-term investment, they have established themselves as a leader in creating vibrant, innovative urban spaces.
Tim Gokhman
Partner, Managing Director
Overseeing development and acquisition, Tim has led a culture of innovation at New Land by implementing new technologies. Driven by a belief that cities thrive when they are diverse, walkable, and culturally vibrant, Tim creates value while prioritizing public-private partnerships and meaningful community engagement.
Ann Shuk
Partner, HR Director
Ann oversees human resources, training, and culture. Ann is a graduate of Carlson School of Management at the University of Minnesota, and has excelled in a number of positions at the company, including leasing and property management, prior to her current role, giving her a unique perspective on team building and company culture.
Sheldon Oppermann
CFO & General Cousel
Leading the property management, finance, accounting, legal, and risk management, Sheldon has over 22 years of experience in commercial real estate asset management, construction and development. He is a licensed attorney, real estate broker, Certified Property Manager, and Real Property Administrator.
Laura Kleczkowski
Regional Property Manager
Responsible for driving property performance, enhancing the resident experience and building leadership teams, Laura has more than 20 years of experience in the industry, has worked with a variety of asset classes and been instrumental in lease-up success at dozens of new communities.
Why Glendale?
Strong Market Fundamentals
Glendale is a prominent North Shore submarket of Milwaukee characterized by strong demand, high barriers to entry, and affluent demographics. The area boasts compelling multifamily fundamentals, making it an ideal location for a Class A development.
- High Demand & Low Vacancy: Glendale's multifamily vacancy rate is only 4.6%, below the state and county averages. Extremely low single-family vacancy further fuels the demand for high-quality rental options.
- Affluent Demographics: The area has a high median household income of nearly $80,000 per year, supporting strong rental rates for a premium product.
- Proven Demand: Competing properties offer very few concessions, and demand is further validated by a third-party market study from Moegenburg Research, Inc.
A Magnet for a Diverse Renter Base
The Ardin's wide array of floor plans—from one-bedroom units to three-bedroom townhomes—is designed to appeal to a broad spectrum of the area's residents, including:
- Mature "move-down" renters seeking a maintenance-free, highly-amenitized lifestyle.
- Elective and lifestyle-oriented renters.
- Pre-homebuyers and young professionals attracted to the location and amenities.
Unmatched Location & Lifestyle
The development's strategic location adjacent to Brown Deer Park and Golf Course, as well as the Oak Leaf Trail, offers residents direct access to premier green spaces and recreational activities. This, combined with close proximity to retail and employment centers, creates an unmatched quality of life, positioning The Ardin as an institution-grade asset that appeals to a broad national buyer pool.
Proven Track Record
New Land Enterprises has a proven track record of developing landmark, award-winning properties that redefine neighborhoods and deliver exceptional results. Below are a few examples of their recently completed projects:
ASCENT
Milwaukee, WI • 259 Units • Opened 2022
A world-record-setting mass timber structure, Ascent is Milwaukee's most amenitized apartment community, known for its innovative design and construction.
- Indoor/outdoor pool & wellness center
- Concierge, private bar, and golf simulator
NOVA MKE
Milwaukee, WI • 251 Units • Opened 2023
This vibrant and eclectic community re-energizes a main corridor adjacent to a classic neighborhood, offering stellar amenities.
- Infinity pool and party deck
- Bi-level fitness center and coworking space
KINETIK
Milwaukee, WI • 140 Units • Opened 2020
By combining parcels and rerouting a street to create a pedestrian plaza, Kinetik energized its neighborhood and created a new community destination.
- 16,000 SF of ground-level retail
- Activated an underused park
Documents
Invest in The Ardin: Class A Multifamily
Total raise
$12M
Min Investment
$100K
Hold time
5 Years
LP IRR
20.2%
Return on equity
2.7x
↓ More details available to qualified investors ↓
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