Glenbrook Apartments Real Estate Case Study
Glenbrook Apartments
HUD-subsidized/Urban Redevelopment
CommonBond Communities and Bishop’s Creek CDC collaborated to preserve Glenbrook Apartments, located in a high-priority revitalization area near the former Northridge Mall in Milwaukee, WI. The effort revitalized 72 large apartment homes for families, providing significant investment to modernize and increase long-term sustainability of this important housing resource. As part of the renovation, a new Advantage Center community building was added to provide programs and services that support resident success.
Development Partners
Bishop’s Creek CDC
Cermak Rhoades Architects
City of Milwaukee
Frerichs Construction
Helen Bader Foundation
Great Lakes Capital
Greater Milwaukee Foundation
Jane Bradley Pettit Foundation
John C.Cudahy YMCA
LISC Milwaukee
MacArthur Foundation
Milwaukee Public Library
M&I Community Development Corporation
Wells Fargo
Financing Tools
Glenbrook’s renovation was financed through a number of sources, including tax credits, federal stimulus funds, grants, and loans.
Enterprise Community Tax Credit Equity: $3,845,177
HUD TCAP Funds: $1,670,000
WHEDA First Mortgage: $1,600,000
Amenities
• Easy Access to Bus Service, Schools, Daycare, Shopping, Banks and Services
• On-Site Management & Advantage Services with Computer Lab and Community Room
• New Appliances Include Dishwashers and Microwaves
• New Central Air Units, Furnaces, and Water Heaters
• All New Flooring, Kitchen and Bathroom Cabinets, and Plumbing