• Development Case Study: Lake Delton

Property History
Staged Development
The Lake Delton properties will consist of four phases with a total of up to 480 units.  All phases will be located on Grand Canyon Drive in Lake Delton.  We have completed construction on four buildings with two different building styles.  Two buildings contained 34 units that were completed on June 1st.  A 28 unit building was completed January 1st this year with a second building of 28 units to be completed October 1, 2002 giving 124 units available ahead of projections.

 
Each phase features on-site management to better serve our residents.
 
Luxury Standards in Every Apartment
Carpeting
Plush wall to wall carpet
 
Sound Insulation
Double wall construction, insulated walls and ceilings for optimum quietness and energy efficiency
 
Appliances
Dishwasher
Stove
Refrigerator
Garbage Disposal

Security
Security controlled entrance with intercom system
TV
Satellite/Cable Ready

Telephone
Phone jacks in all bedrooms and living rooms
 
Hot Water
 
Other Amenities
Laundry Facilities
Underground Parking
Storage area
Spacious wood deck off second floor units
Two Full Baths in 1-bedroom lofts
On site management
24-hour emergency maintenance

 

Phase I
Phase I, also known as Pheasant Run Apartments, is located in Lake Delton on the corner of Bunker and Hillman Rd.  The two 34 unit buildings consist of several studios, 1 bedrooms, studio lofts, and 1 bedroom lofts.  The first 34 units came on time.  We had 8 units occupied for June 1st and we had 28 units leased by March 31, 2002.
The second building for Phase I was be completed July 1, 2002 with 14 units already leased. 
 
Phase II
Canyon Pointe Apartments, located adjacent to Pheasant Run, will consist of two 28 unit buildings.  The first building has been completed with 18 units leased.  The second 28 units are to be started for October 1, 2002 occupancy. 
 
This building features more spacious and luxurious apartments than Phase I.
 
Phase III
Phase III has not yet been determined.  Wisconsin Management considering 2 bedroom 2 bathroom apartments with their own entrances and garages.  They are also working with resort owners to offer good quality to their workers.
 
Phase IV
Name and product has yet to be determined for Phase IV.
 
Project Highlights:
Property Type
General Partner Principals
Development Team:
  • Encore  Construction
  • Jerry Wuebben General Partner
  • Wisconsin Management Company—Manager and has ownership participation
Marketing
Wisconsin Management visited the chamber of commerce as well as local businesses to inform area residents of new housing. They also advertised on the internet. 
Brochures and flyers have been distributed for each property which include a list of amenities as well as floor plans for each type of apartment.
Each property will also have an open house for prospective residents to view the apartments.
 
Financing
Pheasant Run Apartments (Phase I) were financed with M&I Bank and Canyon Pointe Apartments (Phase II) were financed with Associated Bank.