MILWAUKEE BUSINESS JOURNAL

F Street is gearing up to start construction in the coming months on about 105 apartments that will replace the former facility of West Bend Transit & Service Co., which has relocated.

The “Emree” project was announced last year. Milwaukee-based F Street has secured an end lender to finance the construction and is ready to begin work before the end of March, according to a Monday email from chief operating officer Mike Doney. The company is finalizing the process of raising money from investors, and there is “limited participation room” still available, Doney’s email said.

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Press Release

WEST BEND, WI, June 15, 2023 — F Street, through its subsidiary F Street West Bend, LLC, is excited to announce a limited-time investment opportunity in The Emree, a new Class-A, market-rate apartment development located at 105 S Forest Avenue in West Bend, Wisconsin. The Emree development aims to diversify the housing mix within the West Bend community and capitalize on the strong demand in the local housing market.

The housing market in West Bend has demonstrated remarkable strength, boasting extremely low vacancy rates. A recent market study by Tracy Cross & Associates revealed that 14 out of 15 apartment projects built in the Greater West Bend market since 2005 reported zero vacancies. This highlights the urgent need for additional housing options in the area.

The Emree multifamily development will consist of 105 units spread across seven separate buildings, including a row of townhomes, which have been uniquely designed by our architectural partner, RINKA+. The community will offer a range of one, two, and three-bedroom units, each featuring high-quality finishes such as stainless-steel appliances, quartz countertops, and in-unit laundry facilities. Residents will also enjoy an array of amenities, including an outdoor pool, clubroom, elevated fitness center, and convenient access to the Riverwalk.

F Street has established a strong partnership with the City of West Bend, resulting in a public-private collaboration that includes a Development Agreement and incentives including Tax Increment Financing (TIF) in the amount of $2,606,500 and a forgivable loan in the amount of $300,000. The City of West Bend has displayed unwavering support for The Emree project, showcasing its commitment to fostering economic growth and improving the community and a diverse housing market.

“F Street’s investment in the City of West Bend marks a significant milestone in our ongoing redevelopment efforts. The garden-style design of The Emree aligns perfectly with the surrounding residential area and will contribute to the growth and prosperity of our downtown businesses. We are grateful for F Street’s commitment to our community,” stated Jay Shambeau, City Administrator of West Bend.

Construction of The Emree is scheduled to commence in Q3 2023 and is expected to be completed within a 10-14 month timeframe. Initial move-ins for residents are projected to begin in Q2-Q3 2024, with pre-leasing efforts commencing in Q1 of the same year.

Investing in The Emree offers numerous benefits, including depreciation tax advantages, portfolio diversification, long-term appreciation potential, passive income generation, protection against inflation, and the security of investing in a tangible asset. The opportunity to participate in the development’s total capital raise of $7,300,000 provides investors with an attractive chance to maximize returns.

Investors interested in joining this exciting venture can find more information at www.fstreet.com. The investment closing date is set for August 15, 2023.

 

About F Street:

Through world-class development and visionary design, F Street provides quality real estate investment opportunities. Our vision is to be a leader in the real estate investment and development community recognized for our passion, commitment to excellence, discipline, and creativity. We deliver exceptional projects that enhance and support the communities that we develop in.

 

Contact: Nick Jung
Director of Development
(612) 810-7023
nick@fstreet.com

 

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Press Release

OAK CREEK, WI, April 21, 2023 — F Street Development Group, a premier real estate investment firm based in Milwaukee, is pleased to announce two new multifamily investment opportunities at the all-new Lakeshore Commons in Oak Creek, WI. The first is a new market-rate apartment development, which will include 132 units across 2 buildings, while the other is a new rental townhomes development that will include 28 units across 4 buildings. The equity offerings are looking to raise $9,450,000 and $3,080,000 in investment funding, respectively, and will close on July 1, 2023 and July 15, 2023.

Lakeshore Commons is a brand new, luxury apartment complex located in the heart of Oak Creek, just minutes away from the city’s vibrant downtown area. The new developments will features modern designs, with top-of-the-line amenities and finishes, including stainless steel appliances, quartz countertops, in-unit laundry, and high-speed internet. Residents will also have access to a fitness center, community room, pool, and outdoor grilling area.

“We are thrilled to offer investors the opportunity to once again be a part of Lakeshore Commons, a truly exceptional community that is sure to attract renters looking for high-quality, luxury living in Oak Creek,” said Scott Lurie, Founder of F Street Development Group. “The location of this community, coupled with its top-notch amenities and finishes, make it an ideal investment opportunity.”

The equity investment is open to accredited investors only and will be offered on a first-come, first-served basis. Investors will have the opportunity to receive a 8% preferred return on their investment, as well as a share of the net operating income generated by the property, based on their equity shares.

“We believe that Lakeshore Commons will be a highly desirable property for renters in Oak Creek and the surrounding areas, and we are excited to work with investors who share our vision for the property,” said Lurie. “We look forward to a successful equity raise and a long and profitable partnership with our investors.”

For more information on the Lakeshore Commons investment opportunities, accredited investors are encouraged to join F Street’s investment platform.

About F Street Development Group

Through world-class development and visionary design, F Street Development Group provides investment opportunities in commercial real estate through development. Our vision is to be a leader in the real estate investment and development community recognized for our passion, commitment to excellence, and creativity.

 

Contact: Nick Jung
Director of Development
F Street Development Group
(612) 810-7023
nick@fstreetgroup.com

 

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Milwaukee Journal Sentinel | April 11, 2023

A multi-family rental housing development featuring “garden-style” buildings is being planned for an area near downtown West Bend.

The development at 105 S. Forest Ave. would include seven buildings with a total of 106 multi-family units and a separate, central amenities building with an outdoor pool, clubhouse and expansive patio, according to city documents.

The site is the current home of West Bend Transit & Service Co., which plans to move to an expanded office suite in the BMO building overlooking the new Riverwalk and Main Street, according to a joint news release from the city of West Bend and F Street Development, the developer on the project.

Six of the seven buildings are proposed to be located at the current West Bend Transit site; the seventh would be north of the site in what’s now a parking lot at Forest Avenue and Water Street.

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City of West Bend  |  April 3, 2023

Tonight, the City of West Bend Common Council approved a developer’s agreement with F Street West Bend, LLC (DBA “F Street Development Group”) to purchase approximately 1.9 acres of vacant city-owned land for the purpose of developing approximately 106 market-rate, multifamily units in garden-style buildings. The amenity-rich development, designed by RINKA, will also include a clubhouse, expansive patio area, and outdoor pool.

“We conducted a market study for multifamily units and demand in the City of West Bend is growing at a strong rate,” said Scott Lurie, CEO F Street Development Group. “It is clear that people in all stages of life want to live and work in West Bend. Thanks to city staff for working collaboratively with us over the last year to finalize a project that will result in substantial community and economic impact.”

“Thanks to F Street for investing in the City of West Bend,” said Jay Shambeau, City Administrator. “This site is the last to be redeveloped in our existing TID 12. The garden-style design will fit well with the surrounding residential area and will bring hundreds of residents to patronize our thriving downtown businesses.”

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Milwaukee Business Journal  |  February 22, 2023

More apartments and townhomes are moving forward at the Lakeshore Commons development along Lake Michigan after Oak Creek officials this week approved $8.2 million in additional city financial support.

Covering about 66 acres of formerly contaminated industrial land south of Lake Vista Park, the project by F Street Development is to eventually create more than $170 million in new apartments and for-sale houses. It is part of a broader revival of the Oak Creek lakefront that includes Lake Vista Park, and a future plan by the city to stabilize the Lake Michigan bluff of a neighboring former industrial property, creating a park in the process.

Thus far on Lakeshore Commons, contractors have installed much of the infrastructure, the first single-family houses had been sold. Two buildings with 199 apartments and 28 townhouses are under construction, said Scott Lurie, founder of Milwaukee-based F Street Development. The townhomes and the first of the two luxury apartment buildings are slated for completion in August.

“You have a full infrastructure package that is on site now,” Lurie said.

The next phase of development includes two additional apartment buildings with a combined 132 units.

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Milwaukee Business Journal  |  April 29, 2022

The team behind the Lakeshore Commons 716-unit housing development underway in Oak Creek is preparing to move forward with sales and financing for the project’s first phase as site infrastructure work continues.

The first single-family homes in the development are expected to be move-in ready in October and construction on the first set of apartments is to begin in June, developer Scott Lurie of Milwaukee’s F Street Development said.

The project is slated to have 429 apartment units, and 287 for-sale single-family homes and townhouses built over the next seven to 10 years, according to F Street Development. Pending final Common Council approval which could come on May 3, the developer can officially move forward with construction financing and initial home sales.

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