MULTIFAMILY | EQUITY | CALEDONIA, WI
F Street Caledonia, LLC
F Street Caledonia, LLC is an opportunity to invest in a first-to-market 130-unit multifamily development in one of the strongest suburban growth corridors between Milwaukee and Chicago. The project is purpose-built for durable demand, targeting renters by choice and households priced out of homeownership with a garage-heavy, high-parking design that directly competes with owning—without the mortgage. In a market that has not seen new multifamily product in more than 25 years, the deal is positioned to capture meaningful pent-up demand in an undersupplied submarket.
For investors, the appeal is simple: strong basis, attractive projected returns, and public incentive support that enhances downside protection. The project is underwritten at a $30.9 million total cost with a $9.3 million equity raise and projected IRRs of 19.7% over 4 years, 14.7% over 7 years, and 13.2% over 10 years, alongside projected equity multiples of 1.97x, 2.23x, and 2.51x. Proposed TIF support further improves NOI and cash flow, making Caledonia Commons a compelling opportunity to invest in suburban housing demand with strong long-term fundamentals.