Weidner Apartment Homes has sold St. James Place and Arbor Ridge Apartments, a combined 374-unit portfolio in Milwaukee's Calumet Farms neighborhood, for $60 million.
The sale, arranged by CBRE, was announced by Urban Milwaukee, which reported the $60 million price works out to roughly $160,428 per unit across the two complexes. St. James Place sits at 10300 Fountain Ave. with 236 units, while Arbor Ridge Apartments is located at 7960 N. 107th St. with 138 units, according to the same report.
CBRE arranged the sale.
St. James Place Amenities
St. James Place was built in 1989, according to SafeButler. St. James Place units include private walk-out balconies, in-unit washers and dryers, granite countertops, nine-foot ceilings, select wood-burning fireplaces, an outdoor pool, a 24-hour fitness center, a yoga studio, a resident clubhouse, sports courts, a grill, picnic areas and a tanning salon, the seed report details.
Arbor Ridge units run from 788 to 1,125 square feet.
A Nonprofit Buyer Backed by Tax-Exempt Bonds
Regulatory filings tell a fuller story about who's behind the purchase. The Wisconsin Health and Educational Facilities Authority published a public hearing notice in June for up to $88 million in 501(c)(3) revenue bonds, with proceeds, if issued, expected to finance or reimburse acquisition costs, according to a WHEFA filing. The buying entities, Bedford St James, LLC and Bedford Arbor Ridge, LLC, share a sole member: the California-based nonprofit Bedford Affordable Housing Foundation, the filing states.
Weidner Wraps Up a Year of Northwest Milwaukee Exits
Weidner also sold Sunset Ridge in a separate transaction earlier in 2026, per the seed announcement. That 144-unit property at 8183 N. 107th St. went to Rio Realty LLC in a CBRE-brokered deal, according to REJournals.
Together, the two transactions involved 518 rental units. Weidner Apartment Homes is based in Kirkland, Washington.
How the Deal Stacks Up Against Other Milwaukee Sales
The per-unit price for St. James Place and Arbor Ridge lands well above some recent comparable Northwest Milwaukee deals. In December 2025, CBRE arranged the sale of a four-property, 358-unit garden-style portfolio from Metropolitan Associates to Brookfield-based Coachlight Communities LLC for $29.65 million, or about $82,821 per unit, according to a CBRE press release. Those assets, originally built in the 1960s, priced lower than the newer St. James Place-Arbor Ridge portfolio.
More recently, Utah-based Peak Capital Partners paid $18.1 million, or roughly $127,465 per unit, for the 142-unit Cudahy Commons complex near Milwaukee, Hoodline reported earlier this month. At the higher end of the market, Utah REIT Cottonwood Communities acquired the 271-unit Park Lafayette Towers on Milwaukee's Lower East Side for $94.1 million, or about $347,232 per unit, a price that reflects the premium commanded by luxury high-rise properties overlooking Lake Michigan compared with suburban garden-style portfolios.
CBRE, the firm behind the St. James Place and Arbor Ridge deal, is headquartered in Dallas and counts more than 140,000 employees serving clients in over 100 countries. CBRE Group operates through advisory, building operations and experience, project management and real estate investment segments, positioning it at the center of deals spanning from workforce housing preservation to institutional high-rise trades across the Milwaukee metro.
