Mandel Group Completes Financing for Oconomowoc Apartment Community

MILWAUKEE | Mandel Group, Inc. announced its completion of financing for Norden Range, a 270-unit luxury apartment community located in the City of Oconomowoc. The apartment community is located on a portion of lands once a part of the fabled Olympia Resort complex located at the Interstate 94/Highway 67 intersection in central Waukesha County. Construction will commence immediately.

The development covers over 27 acres of the former Olde Highlander Golf Club and will be completed in four phases, with the first units becoming available in late 2024. The entire development will be completed by the end of 2025. A broad variety of floorplans include one-bedroom, two-bedroom, three-bedroom and three-bedroom townhouse designs. Each home is entered via a private outdoor entrance, eliminating all interior corridors and elevators. “It’s as close to single-family living as you can achieve in a rental design” Monnat emphasized.

Mandel’s plan focuses on preserving large natural areas of the property organized along a stream that flows through the center of the property, flanked by wide prairie areas through which pathways will be cut for walking access. On-site amenities focus on a resident clubhouse with expansive entertainment spaces; a large fitness center with an outdoor fitness deck, and a 25-yard outdoor swimming pool flanked by cabanas and lounge areas. All amenities are available for free to Norden Range residents. Other on-site amenities include two fenced-in dog run/agility areas; a pet wash center; a car wash center and a bike repair shop.

“Our objective is to position Norden Range as a best-in-class residential community for households interested in an alternative to single family ownership” explained Robert Monnat, Senior Partner with Mandel Group. “Our future residents will be able to live comfortably in spacious floorplans completed with the highest quality finishes available in the market.”

Market research has tracked a growing percentage of households withholding from buying a single-family residence, many driven by the relative lack of affordability. An increasing number of households are led by empty nesters and seniors who are interested in greater financial freedom unlocked by the sale of their home. “Together with the traditional households attracted to a rental lifestyle, we are particularly keen on meeting the needs of these mature households for which few attractive rental alternatives exist” added Monnat.

Norden Range is part of a larger neighborhood development plan undertaken by Neumann Developments, Inc. Neumann’s Olde Highlander development will comprise multiple single-family, townhouse and condominium neighborhoods immediately west of Norden Range. A total of 352 homesites are contained within Neumann’s plan, and include neighborhood amenities such as clubhouses, pools and recreational space. An extensive walking trail system links neighborhoods together. At the center of the property, planning is underway to transform the former Olympia Ski Hill into a year-round recreational resource supporting a variety of sporting, recreational and family-oriented activities.

“We appreciate the involvement of both the City of Oconomowoc and Neumann Developments, Inc. for making this opportunity possible” Monnat added. “Both have been incredibly supportive of our goal to bring a best-in-class development to the City of Oconomowoc, and to provide an attractive front door to the Olde Highlander neighborhood that will be growing on lands west of Norden Range.”

Information will be posted on Mandel’s corporate website https://mandelgroup.com/apartments/norden-range/, including marketing renderings, floorplans, further descriptive materials and instructions on reserving a rental home.

About Mandel Group, Inc.

Mandel Group, Inc. is a national award-winning real estate developer specializing in the development and management of multifamily rental communities in Midwestern markets. Founded in 1991, Mandel Group has developed or transacted over $2.5 billion of residential and commercial development and acquisition activity in the metropolitan Milwaukee area as well as select Midwestern markets.  Among its legacy developments are East Pointe, a 9-block redevelopment of a vacant freeway corridor north of Milwaukee’s CBD;  University Club Tower, a 36 story, $100+ million high rise luxury condominium tower on Milwaukee’s lakefront;  and The North End, a $175 million, multi-phased mixed-use neighborhood on the site of the former US Leather Tannery.  Further information available at the company’s website:   www.mandelgroup.com.

NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. It has not been verified for its accuracy or completeness.