WATERTOWN DAILY TIMES

PRESS RELEASE

West Bend, WI (February 29, 2024) – F Street, a leading real estate investment and development firm, is thrilled to announce the successful closing of a construction loan with CoVantage Credit Union for its highly-anticipated project, The Emree, located in West Bend, Wisconsin. F Street was able to raise $11.35 million in capital investment, which has paved the way for construction to officially begin next month on an over $30 million investment in the community.

“We are excited to have secured financing and to begin construction on The Emree,” said Scott Lurie, Founder of F Street. “The overwhelming investor response to this project is a testament to the strength of the West Bend market and the continued growth of alternative investment.”

The Emree will be a Class-A multifamily development featuring 105 units across seven buildings. The community will offer residents a variety of upscale amenities, including an outdoor pool, clubhouse, expansive patio area, and convenient access to the revitalized Downtown Riverwalk and Eisenbahn Trail.

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 valuable incentives such as Tax Increment Financing (TIF) and a forgivable loan. This collaboration demonstrates the City’s commitment to fostering economic growth and creating a diverse housing market.

“The City of West Bend is proud to partner with F Street on this exciting project,” said Jay Shambeau, City Administrator of West Bend. “The Emree will provide much-needed housing options in our downtown, significantly increase the property value, and help create jobs.”

Construction of The Emree is expected to be completed within 11-16 months. Upon completion, the project will provide residents with a vibrant and convenient living environment in the heart of West Bend.

About F Street

F Street is a premier real estate investment and development firm headquartered in Milwaukee, Wisconsin. The company specializes in the acquisition and development of high-quality commercial and residential properties in Wisconsin and beyond. F Street is committed to creating dynamic and sustainable communities that enrich the lives of residents and contribute to the economic vitality of the regions it serves.

www.fstreet.com

 

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Media Contact:

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

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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MILWAUKEE BUSINESS JOURNAL

Around a year after the first buyers bought homes in Oak Creek’s new Lakeshore Commons development, roughly a dozen more have purchased houses, and the community’s first apartment tenants have moved in.

Nearly 20 single-family homes, 28 for-sale townhomes and two apartment buildings with a combined 199 units are completed. Sales have been at least somewhat challenged by interest rates, but the development’s broker is hopeful that will turn around this year.

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The first two Lakeshore Commons apartment buildings, with a combined 199 units, are completed. Tenants began occupying units in November, F Street owner Scott Lurie confirmed.

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PRESS RELEASE

OAK CREEK, WI – August 11, 2023 — Today, F Street proudly announced the successful completion of a $3,080,000 investment capital raise for F Street OCLV NT, LLC. The completion of this raise, as well as closing on the construction loan, will commence the development of a new, $12.3 million premier 28-unit multifamily townhome project in the desirable Lakeshore Commons community of Oak Creek, Wisconsin.

“We are deeply gratified by the trust our investors have placed in F Street and our vision for the Ivy Townhomes project,” said Josh Lurie, Principal and Vice President of Investor Relations. “This capital raise not only signifies the strength and appeal of our development strategy but also underscores the potential of the Lakeshore Commons community.”

A Vision for Lakeshore Commons

The new Ivy Townhomes development, strategically positioned along the north end of Oak Creek’s Lakeshore Commons, promises to offer residents a blend of modern living amenities with the serenity of a well-planned community. Designed by RINKA, each rental unit will boast state-of-the-art design, high-quality finishes, and have access to the clubhouse amenities that are currently enjoyed by all townhome and single-family residents.

The Lakeshore Commons community, known for its balance of natural beauty and modern infrastructure, will benefit greatly from this addition, further solidifying its status as one of the most sought-after addresses in the area and along the coast of Lake Michigan.

To view F Street’s available offerings, please visit the investment portal.

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 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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