Mandel Group sells Brookfield apartment complex for $14 million to Breneman

PrairieWalk Towne Center. Image from Greenstone Partners

Milwaukee-based Mandel Group sold a 56-unit apartment complex in Brookfield for $14.4 million.

Known as PrairieWalk at Towne Center, the two-building development was acquired by Chicago-based investment firm Breneman Capital.

Located at 3755 N. Brookfield Road, the development includes one- and two-bedroom apartment units and has maintained high occupancy since it was built, Mandel said in a press release.

Breneman Capital has properties in metro Chicago, Madison and Minneapolis, its website shows.

“We’re excited to build our presence in the Milwaukee market,” said Drew Breneman, the company’s founder and CEO.

The sale was brokered and announced by Chicago-based Greenstone Partners.

“Brookfield is an appealing multifamily investment market with great schools, an active downtown and access to all major retailers, said Jordan Multack, Greenstone Partners’ senior director. “We were able to procure an exceptionally strong offer, from an accredited, repeat buyer of ours, who has strong roots in the Wisconsin suburban markets. This deal exemplifies a win-win—a well-positioned acquisition for Breneman Capital and a successful development and exit for the sellers.”