Wangard Partners has sold its 458-unit Tivoli Green apartment community in Mount Pleasant to an Illinois buyer, closing out a development the Wauwatosa-based firm built in phases over the better part of three years. The 22-building complex at 9110 Megan’s Way comprises three parcels that sold for a combined $100.9 million to Westmont, Illinois-based Santefort Real Estate Group.
The sale was reported by BizTimes Milwaukee on October 16, 2026, after The Milwaukee Business Journal reported it on October 12, 2026. The Milwaukee Business Journal likewise confirmed that Wangard Partners sold the 458-unit community to the Illinois firm. Berkadia, which arranged the deal, described Santefort Real Estate Group LLC as the buyer and noted that Wangard has been retained to provide third-party management services for the community going forward, according to REBusinessOnline.
A Development Built in Three Phases
Tivoli Green wasn’t built overnight. Per the same account, the 22-building property, situated on 38 acres, was delivered in three phases from 2021 to 2024. Developer page Greenfire lists the finished project at 501,000 square feet across 458 units, crediting Wangard Partners as the developer.
The property is at 9110 Megan's Way in Mount Pleasant, Wisconsin, and its development included a second phase.
Same Buyer, Another Southeast Wisconsin Deal
This isn't Santefort Real Estate Group's only recent move into the region. Berkadia announced in February that it had sold Cobblestone Creek and Fountain Ridge, two multifamily properties totaling 426 units in Pleasant Prairie in Kenosha County, with that deal closing February 11. Santefort was again the buyer, and Berkadia arranged $69.042 million in acquisition financing through Freddie Mac on the Illinois firm's behalf.
A Market Tilting Toward Sellers
The Tivoli Green sale lands amid a broader uptick in Milwaukee-area multifamily activity. Marcus & Millichap forecasts that regional vacancy will decline to 3.9% by the end of 2026 while average effective rents climb 2.5% to $1,715, according to REJournals. The brokerage also points to renewal conversion rates near 71% in the market, well above the 56% national average.
Only about 1,050 new apartment units are expected to be completed across the Milwaukee market this year, representing inventory growth of roughly 0.6%, the outlet reports. Multifamily transaction volume in the metro climbed nearly 35% in the 12 months ending in March, marking its strongest annual increase since 2022. Racine specifically is set for more than 400 new units in 2026, its largest annual delivery total on record, a trend tied in part to Microsoft's Mount Pleasant data center, which began limited operations this year and is expected to generate roughly 500 permanent jobs in its initial phase.
Buyers elsewhere in the Milwaukee market have largely targeted older Class B and Class C communities selling for around $100,000 per unit, the report notes. Tivoli Green was delivered in three phases from 2021 to 2024 and comprises 22 buildings. For residents of the Mount Pleasant community, the day-to-day experience is expected to stay familiar, since Wangard remains in place as the property's manager even as ownership shifts to its new Illinois-based landlord.
