Multifamily Investments

We invest where better operations can create value.

BlackRidge acquires and operates multifamily properties throughout Southern Wisconsin. We focus on opportunities where we understand the operating story and see a practical path to improving performance.

67 units currently in portfolio · Milwaukee area

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Acquisition focus

What we look to acquire

16–50 units

Typical Size

We will consider opportunities from roughly 2 to 100 units depending on the property, location, and acquisition structure.

Southern Wisconsin

Geography

Southern Wisconsin, primarily between the Milwaukee and Madison markets.

Multifamily

Property Type

Existing multifamily with operational or physical upside.

Operational Value-Add

Strategy

Value-add opportunities where better leasing, management, expense control, capital investment, or day-to-day execution can improve performance.

Our Edge

Our view of the market comes from operating in it.

BlackRidge operates across leasing, property operations, and acquisitions. That gives us direct exposure to both the revenue and expense sides of multifamily ownership.

Leasing

A live view of the revenue side

Through BlackRidge Leasing, we’re actively pricing and leasing apartments across the Milwaukee and Madison markets. We see inquiry volume, showing activity, prospect feedback, competing inventory, applications, and signed rents in real time. That gives us another lens when underwriting rent upside instead of relying entirely on published comps or asking rents.

Pricing · Leads · Showings · Applications · Signed Rents

Operations

A real-world view of expenses

Owning and managing our own properties gives us the other side of the equation. We see actual maintenance costs, turns, utilities, vendor expenses, capital projects, and the smaller operating decisions that do not always show up cleanly in a trailing financial statement.

Turns · Maintenance · Utilities · Vendors · CapEx

Underwriting

Bringing the two together

We spend a lot of time in the numbers before pursuing a property. The goal is not to find a way to make every deal work. It is to understand what has to be true for the investment to make sense, what assumptions matter most, and where the risks are if we are wrong.

Revenue · Expenses · Risk · Basis · Business Plan

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Value-Add

Most of the upside we pursue is operational.

01 Rental Upside

Below-market rents, weak positioning, inconsistent leasing, or units that can support stronger rents after thoughtful improvements.

02 Expense Opportunity

Operating expenses that appear out of line with comparable properties or opportunities to improve purchasing, utilities, vendor relationships, or management.

03 Physical Improvements

Deferred maintenance or capital improvements where the scope can be understood and incorporated into the business plan.

04 Management & Execution

Properties where more consistent management, communication, leasing, or day-to-day execution can improve performance.

Flexible Acquisition Structures

The structure depends on the opportunity.

Smaller transactions may be acquired directly, while larger opportunities may include joint-venture partners or private investor capital alongside our own investment. Financing and capitalization are structured around the property rather than forcing every acquisition into the same model.

Current Portfolio

We’re still building our portfolio.

Today, BlackRidge’s principals have ownership interests across 67 multifamily units in the Milwaukee area.

Property 1

16 Units · Milwaukee, Wisconsin

Acquired 2025 · Stabilized 2025

Ryan led the acquisition and repositioning of this 16-unit property through a prior investment partnership. Following unit improvements and operational changes, average rents increased from approximately $840 to $1,250 and property NOI more than doubled.

~$840 → ~$1,250 average rent

NOI more than doubled following repositioning.

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Property 2

51 Units · West Milwaukee, Wisconsin

Acquired 2026 · Business Plan in Progress

Acquired in September 2026, the property is still early in its business plan. Our initial focus has been on bringing property management in-house, improving building operations, addressing deferred capital items, and establishing a stronger operational foundation for the property.

Connect

Always happy to talk multifamily.

Whether you own a property, have a deal you’re working on, work in the industry, or simply want to connect, we’d be glad to have the conversation.

Talk With Us