A 142-unit apartment complex just off Edgerton Avenue in Cudahy has changed hands for $18.1 million, with Provo, Utah-based Peak Capital Partners taking over the property at 2810 East Edgerton Avenue. The sale of Cudahy Commons reflects investor interest in apartment communities in the Milwaukee market.
The deal, which works out to roughly $127,465 per unit, was arranged by commercial real estate firm Greysteel, which represented the seller, a private investor, according to Connect CRE. Greysteel's Midwest multifamily team, led by senior managing director BJ Connolly, worked alongside senior director Ryan Carter and Dallas multifamily team senior managing director Doug Banerjee on the assignment. Connolly said the property generated strong interest from buyers targeting stabilized assets in the Milwaukee market, per the same account, and noted that private capital is actively seeking yield and cash flow in Midwest assets that can be underwritten on a stabilized basis.
From Tax-Credit Housing to Market Rate
Cudahy Commons is identified by Crexi as a LIHTC development, and the listing records a 2003 renovation. The complex now offers a renovated apartment home community with one-bedroom, two-bedroom, and three-bedroom residences, the Connect CRE report notes.
The property's unit mix includes 118 two-bedroom layouts among 142 total units, and Crexi's listing reports an average unit size of approximately 890 square feet. Two-bedroom apartments therefore make up a large share of Cudahy Commons' offering. Average monthly apartment rent in Cudahy was $1,293, according to RentCafe.
A Tight Suburban Rental Market
In Cudahy, Wisconsin, tenants occupy 38.6% of 8,475 occupied housing units, while the municipality's residential vacancy rate was recorded at 4.1%, according to Point2Homes. Those figures point to a submarket with relatively limited housing supply relative to renter demand, a dynamic that tends to appeal to investors seeking dependable occupancy. Cudahy's location gives residents commuter access to regional employment centers.
Peak Capital Partners is the buyer of Cudahy Commons. The supplied transaction information does not detail the company's broader portfolio size or national ranking.
Part of a Broader Midwest Investment Trend
The Cudahy Commons sale fits a pattern Greysteel has been tracking in its own research. Connect CRE refers to Greysteel's mid-year market pulse and quotes Connolly on private-capital demand for Midwest assets and yield and cash flow. On the brokerage side, Carter and Banerjee were part of the assignment team, with Carter identified as a senior director and Banerjee as a Dallas multifamily senior managing director.
According to HUD's Great Lakes PD&R Regional Report, multifamily permitting increased by 900 units, or 8 percent, to 12,650 units during the first quarter of 2025. According to HUD's Great Lakes PD&R Regional Report, the regional apartment vacancy rate was 6.2 percent as of the first quarter of 2025.
Connect CRE promotes Connect Apartments, an event bringing together capital sources, owners, developers, and brokers driving multifamily investment, scheduled for September 22 in Los Angeles. For Cudahy, the sale marks another chapter for a property now under Peak Capital Partners' ownership.
