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