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Student-driven real estate deals

Posted on January 26th, 2024

Students are leading all aspects of real estate investment — investing in actual properties — through Marquette’s Real Estate Asset Program, the first and only undergraduate program of its kind.

By Shannon Shelton Miller

For close to a year, Jessica Alber and her team worked toward closing a real estate investment deal. In seeking both internships and a position after graduation, she told potential employers about that process, complete with descriptions of her financial modeling and application skills that supported her case for why she’d be a great addition to their firms.

They were impressed from the start, Alber says, but her discussions about the 40-page memos she and fellow students prepare for each real estate investment presentation sealed the deal. “I think they were honestly blown away,” she says.

The employers had good reason to be astonished. Much of Alber’s real-time experience in the world of commercial real estate finance has come through her experiences as a student in Marquette’s new Real Estate Asset Program. Since entering the program in January 2023, Alber has learned the process of purchasing and managing ownership shares in commercial real estate properties, gaining real-world experience in investment sourcing, underwriting, closing, management and investor reporting.

“When your interview immediately goes to the deals that you’ve done, that’s a higher-level conversation,” says Andy Hunt, Bus Ad ’08, Grad ’13, Vieth Director of the Center for Real Estate. “You’re demonstrating a professional-level skill, and you’re instantly in the final round to be considered for that job.”

Started in 2021, the Real Estate Asset Program, or REAP, is the first — and only — real estate investment program for undergraduates in the United States. Juniors and seniors enrolled in REAP analyze offering memorandums and make recommendations to an investment committee that oversees a $2 million fund to invest as limited partners with sponsors who oversee day-to-day operations of the properties and execute investment strategies for each. REAP is housed in Marquette’s Center for Real Estate, ranked among the nation’s top undergraduate commercial real estate programs by U.S. News & World Report. It’s also the only such center at a Catholic and Jesuit university. 

Although the Center for Real Estate has long been a leader in undergraduate business education, Hunt, along with former Bell Chair in Real Estate Dr. Anthony Pennington-Cross, understood the need for the center to offer an applied, real-world learning experience that went beyond theoretical concepts and exams in a classroom. In a commercial real estate landscape, they recognized the best method would allow students to invest in actual properties over time.

As Hunt continued his research, he found no institutions were offering that opportunity for undergraduate students. Some schools had graduate-level programs, or organizations and clubs for undergraduates, but not a full academic program.

Marquette would become the leader in that effort. 

After two years of intensive planning, Hunt and Pennington-Cross launched the program with Vito Taphorn, Bus Ad ’98, as program director. Also key to this effort were alumni Pat Biernacki, Bus Ad ’08, and Mike Wanezek, Bus Ad ’09, who brough the idea to Marquette years ago, as well as Christopher Hughes, Bus Ad ’88, and Michelle Panovich, who worked tirelessly to determine the right legal structure and framework to make the program happen — a framework that had not before been implemented elsewhere but worked flawlessly for Marquette.

Taphorn brought more than two decades of commercial real estate finance experience to the classroom, using his experiences in originating deals and transactions to advise students in similar efforts. He also works with industry partners to generate a consistent pipeline of real estate investment opportunities for REAP students.

“I hear from individuals on a daily basis who wish something like this existed when they were in college,” Taphorn says. “All the professionals we speak to see the value it adds to the student experience. We’re here to provide students with that experience and give them the ability to take it into the real world.”

The Marquette Student Portfolio

Property investments made by the REAP program since its inception in 2021.

Ashbury Court Apartments, acquisition of a 156-unit apartment building by sponsor Midloch Investment Partners in Laurel, Maryland
Country Meadows Apartments, acquisition of a 466-unit apartment complex by sponsor Midloch Investment Partners in Madison, Wisconsin
Acquisition of five-building industrial portfolio in Wisconsin and Illinois totaling 478,000 square feet by sponsor Borgman Capital
Luther Group Industrial Fund, Luther Group, various Midwest locations
Caroline Heights Apartments, a 237-unit new development in Elm Grove, Wisconsin, developed by Mandel Group

Investments are limited partnerships, analyzed and presented by students to REAP’s professional investment committee.

The three-semester program was designed to model the multiyear nature of real estate investments, and students can apply for REAP during the fall semester of their junior year. Cohorts are small by design, with 10 to 12 real estate majors learning to operate like a corporate analyst pool. As new cohorts enter the program, they join existing, fully operating teams to maintain continuity. 

Panovich, retired principal of Mid-America Asset Management and chair of REAP’s investment council, says finding the right structure and approach for the program was a fascinating puzzle to solve — and that’s made the results for students that much more rewarding. “The success of the program is proved by the positions garnered by these students, most of whom secured these jobs before their actual graduation date,” she says. “The icing on this is seeing how the employers are so impressed by the program results.  I am honored to be involved and be a witness to the success of the students.”

The 10 students in the inaugural cohort all landed jobs after their May 2023 graduation, and Hunt says the current cohort also is trending toward a 100 percent placement rate after graduation. Their starting salaries, on average, are $15,000 higher than the national average for a graduate from a general real estate program. 

One of those former students, Grace Vanden Heuvel, Bus Ad ’23, remembers how she and her peers came to the first REAP class in January 2022 not knowing what to expect. They didn’t have to wonder for long — Taphorn presented a deal that day for the group to begin working on.

A few months later, during her summer commercial brokerage internship at Ogden & Company, Vanden Heuvel recognized her ability to comprehend and break down sponsor materials as a skill she gained through her REAP course work. As she moved into a commercial real estate analyst internship with Midloch Investment Partners that fall, Vanden Heuvel continued to use her REAP experience to impress her supervisors.

That internship turned into a job offer, and Vanden Heuvel now works for Midloch as an associate. “A lot of what I do now is an exact translation of what I did in REAP,” Vanden Heuvel says about her work as an analyst and underwriter. “The program helped me grow my skills and get a solid foundation to start my career.”

Alber also had that realization during her investment analyst internship last summer with MLG Capital. “I really appreciated the aspect of teamwork and collaboration I learned through REAP,” she says. “Being able to navigate an intense environment like this can be a really daunting task for a group of 20-year-olds, but it gave me confidence to succeed in my future career.”

And she knows where that career will start. With a semester to go before graduation, Alber has already secured a position at Baker Tilly in Chicago as a development advisory consultant. 

“Our long-term bet is that this level of exposure will lead to our students being further along than their peers when they start their jobs,” Hunt says. “That’s why being the only program like this in the nation matters, because when it’s time to compete against other talent, our students are more prepared than anyone else in the country.”

West Allis Plan Commission gives thumbs up to Mandel Group’s 51-unit apartment proposal

Posted on November 6th, 2023

Article courtesy of the Daily Reporter

Ethan Duran

*The proposed NaMl lofts in West Allis. Rendering courtesy of Engberg Anderson Architects*

West Allis officials on Wednesday approved Milwaukee-based Mandel Group’s plans for a 51-unit, four-story apartment building at South 66th and West Mitchell Streets.

Mandel is proposing a total of 27 studio units, 24 one-bedroom units and three three-bedroom units at market rate. The developer wants to start construction in the fourth quarter and 2023 or the first quarter of 2024, and then open in the first or second quarter of 2025, according to a report from West Allis city planners.

The West Allis Plan Commission recommended a conditional use permit for the development. The West Allis Common COuncil will consider the permit on Nov. 14, according to city staff.

The new building features three townhomes with private entries on the first floor. According to a staff report, the entrances are surrounded by red, geometric forms that ring the east side of the building. The development would share amenities with the existing SoNa Lofts to the north, another Mandel development, with a bioretention pond, pedestrian pathways and natural landscaping, city officials added. SoNa stands for “south of National.”

The development will include a total of 63 parking stalls; 28 stalls enclosed on the first floor, 30 surface parking spaces and five private street spots. Updated plans showed 26 indoor and two outdoor bicycle parking spaces.

The existing site is serviced by a private drive that connects SoNa Lofts and Maker’s Row. A reciprocal easement agreement on the SoNa development site contributes to the cost of maintaining publicly accessible drives and parking, a Mandel representative said at the meeting.

This development proposal comes amid several other Mandel Group projects such as SoNa Lofts and The West. The city of West Allis has seen momentum for apartment building despite national builders sharing pessimism over multifamily housing construction.

Three Leaf Partners, Milwaukee Bucks player Pat Connaughton’s firm, plans to build 247 multi-family units near West National Avenue and South 84th Street.

In August, Chicago-based Baum Revision proposed a $16 million redevelopment plan to transform the former Kearney and Trecker building into an events space at 6771 National Avenue. Other recent nearby redevelopments include Ope! Brewing and the Six Points Apartments.

Mandel Group starts work on apartments, water main extension at former SSND campus in Elm Grove

Posted on October 4th, 2023

Article courtesy of the Milwaukee Journal Sentinel

Bridget Fogarty

Mandel Group, Inc. has started construction at Maria Hall to convert the historic building into units for its Caroline Heights Apartment redevelopment. *Mandel Group, Inc.*

Construction has begun on the Caroline Heights Apartments, an Elm Grove redevelopment that will bring 237 apartment units and 21 single-family homes to the former School Sisters of Notre Dame campus.

Ground broke in early September, more than three years after developer Mandel Group Inc. announced plans to redevelop the 30-acre campus. The project was a highly debated topic among residents and village trustees before Mandel got the green light to begin construction last year. High interest rates caused delays, said senior development associate Dan Romnek.

Initial construction for the apartments includes the extension of a Lake Michigan water main from Wauwatosa to the site at 13105 Watertown Plank Road and into downtown Elm Grove. The Mandel Group will convert the historic buildings of Notre Dame Hall and Maria Hall into 35 apartments. Then, the developer plans to build three new buildings to house 202 apartments.

The developer of Elm Grove’s Caroline Heights Apartments is trying to meet demand from “empty nester” adults looking to move while staying in the community they raised their families in. *Mandel Group Inc.*

Romnek said the 237-unit complex was designed with a certain demographic in mind: adults looking to make a move without leaving the community they raised their families in.

“We’re trying to meet the demand that we’ve seen sort of explode over the last 10 or 15 years of empty nesters choosing to live in an apartment as opposed to staying in the single-family home as long as they can,” Romnek said.

Apartment sizes will average about 1,300 square feet, according to Romnek, with one-bedroom leases starting around $2,000 and three-bedroom leases starting at $3,600.

Residents will have access to underground parking, a heated pool and sun deck, fire pits, outdoor park, private courtyards, pet spa, fitness studio, golf simulator, car wash station and electric vehicle charging stations.

The first tenants can move in starting in November 2024, but the Mandel Group said construction on the entire campus will finish in the early spring of 2025.

While the apartments aren’t up for lease yet, Romnek said he gets calls about the property four to five times a week, and his team has a list of over 100 names of people who have expressed interest in the apartments.

Residents at the Caroline Heights Apartments will have access to a heated pool and sun deck. *Mandel Group Inc.*

Once the Mandel Group installs the utilities on the eastern and southern portions of the campus, Hartland-based Miller Marriott Construction Company will purchase those buildings to develop 21 single-family homes.

The Caroline Heights Apartment redevelopment sparked debates by residents and village officials before construction was approved last year. Mandel revised its TIF, or Tax Increment Financing, request in 2022 after it was decided it would be required to pay for the water main rather than the village of Elm Grove.

At the time, the Mandel Group’s TIF proposal to fund the redevelopment and water main extension was the “biggest TIF request Elm Grove has ever received,” Trustee Kristina Sayas said in a statement to the Milwaukee Journal Sentinel in March 2022. Sayas cast the only vote against the certified survey map, conditional use permit and the rezoning for the development.

Three-bank deal means construction can begin for 237 Elm Grove apartments by Mandel Group

Posted on September 13th, 2023

Article courtesy of the Milwaukee Business Journal

Sean Ryan

It’s testament to both the size of the development and current real estate lending environment that Mandel Group Inc. needed loans from three banks to launch construction of 237 apartments at the former School Sisters of Notre Dame campus in Elm Grove.

That project will renovate two historic Sisters of Notre Dame buildings, and construct three new apartment buildings from the ground up. Mandel Group acquired 15 acres on Watertown Plank Road for the development from the Sisters of Notre Dame organization as it closed financing at the end of August, said Phillip Aiello, president and chief operating officer of Mandel Group.

Apartments in two new buildings and two restored structures are expected to be ready for residents by the end of 2024, Aiello said. A third apartment building will open in the third quarter of 2025. Separate from Mandel’s apartments, Miller Marriott Construction Co. of Hartland is to build 21 single-family homes on another portion of the former Sisters of Notre Dame property.

The first apartments will open to tenants next year.

Due to the size of the project and the current limits banks are placing on real estate loans, Mandel Group had to borrow from three different lenders. Banks have tighter limits on loan amounts than in years past.

“The size and cost of this development – which then precipitates a larger loan – and a tightening of the underwriting standards, combined to make it a three-bank deal,” Aiello said. “Generally speaking, we have not had to do that in the past.”

Old National Bank and Johnson Bank are the primary lenders to the Elm Grove project, and First Business Bank also lent money.

“Given the change in economic conditions, many lenders are focusing on their existing, highly valued relationships, and we’re fortunate to have a number of those locally,” Aiello said.

Ixonia Bank also participated in the financing with a letter of credit that will bridge the time period between when construction is completed, and a portion of the tax incremental financing from the village is released.

The development also will receive tax incremental financing that village of Elm Grove officials approved last year. The village support, combined with rising market rents for apartments, helped the project move forward and pay for its underground parking even though construction costs and interest rates are up, Aiello said.

The project’s rents will start at $2,000 a month, rising to more than $3,500 for some of its three-bedroom apartments, Aiello said. It will have one- to three-bedroom units.

A renderings shows the community room that will be created in a former chapel space in one of the School Sisters buildings.

Mandel Group will restore two historic Sisters of St. Francis buildings near Watertown Plank Road to create 35 apartments and amenity spaces. That includes converting a former chapel area that was most recently the sisters’ heritage room into a distinctive, two-story club room. Cabinets in the buildings will be converted into built-ins for some apartments’ dining areas, and the interior brick walls will remain exposed, Aiello said.

Engberg Anderson Architects of Milwaukee is the designer. Catalyst Construction of Milwaukee is the lead builder.

Lead and asbestos abatement has already begun in the two buildings that will be restored, and others that will be demolished this year. Mandel Group this year will begin installing new water main pipes to serve the site.

The Caroline Heights project in Elm Grove will have apartments in new and restored buildings.

At 28 acres, including a cemetery that will be untouched in the redevelopment, the Sisters of Notre Dame site is an unusually large redevelopment prospect for Elm Grove. The sisters have been involved in the property since the creation of the Notre Dame of Elm Grove convent and orphanage in 1855, according to comments provided Friday.

The Sisters selected Mandel Group in 2020 as its preferred buyer for the site. Aiello said that, prior to the closing, he reviewed some emails dating back to 2017 between the Sisters organization and Mandel Group over the possibilities for the site.

Beyond gaining local approvals for the project plan, which faced opposition from a group of Elm Grove residents, the project also required new water service agreements with the city of Wauwatosa to serve the site.

“The School Sisters have been fantastic partners,” Aiello said of their patience as the project came together. “They understood the process was a longer one in Elm Grove, and they also understood that the process got drawn out when construction costs and interest rates started to escalate so quickly, and we had to regroup.”

The sisters living in the convent in fall 2021 moved into a newly built community on the campus of Mount Mary University called Trinity Woods. The organization’s offices moved to Wauwatosa in 2021.

“Proceeds from the sale of the (Elm Grove) property will be used to support the ongoing mission and ministries of the SSND and the retirement needs of the sisters,” according to a written statement attributed to Sister Debra Marie Sciano, provincial leader of the School Sisters of Notre Dame Central Pacific Province.

Urban spelunking: Last look inside Elm Grove convent before apartment project

Posted on September 12th, 2023

Article courtesy of OnMilwaukee

Bobby Tanzilo

Passing through Elm Grove on Watertown Plank Road, you can’t miss the dramatic Notre Dame Hall designed by architect Eugene Liebert in 1898 for the School Sisters of Notre Dame, 13105 W. Watertown Plank Rd.

The cream city brick gem is topped with a striking stepped gable, a feature the architect would later incorporate into his 1905 mansion on 35th and Wisconsin for industrialist Henry Harnischfeger and again three years later on the palatial Lake Drive home (now razed) drawn for Albert O. Trostel.

But there are also arches galore, corbeling, swooping verticle sections of masonry and other details, too.

Liebert’s building was soon followed on the site by a 1903 orphanage, on which architect Mark Pfaller recreated the stepped gable, and which got an addition 30 years later.

The sprawling complex on 30 acres was joined by a Prairie Style tuberculosis hospital called “The Bungalow” and boiler house in 1920 designed by Backes & Pfaller; the large Maria Hall, by the same architects the following year; the rustic Our Lady of Lourdes grotto in 1926; two wings of an infirmary, designed by Brust and Brust and Herbst, Jacoby and Herbst in 1955 and 1959, respectively; the residential Fidelis Hall in 1967; and the Holy Family Chapel, designed by Herbst, Jacoby and Herbst, in 1975.

Another of the later buildings that will be razed.

The campus also includes a cemetery that covers just over five acres.

The entire property – except the cemetery – was purchased by developers Mandel Group, who are keeping Liebert’s beautiful building and the attached Maria Hall, tearing down the rest and building three new buildings to create 237 apartments, including 35 large ones in the historic buildings.

Engberg Anderson is the project architect.

Ten acres of the site are being sold to another developer that will build 21 single-family homes along the eastern edge.

The development will be called Caroline Heights, in honor of Mother Caroline Friess, who arrived in Wisconsin in 1848 and established the first North American Motherhouse of the School Sisters of Notre Dame in Milwaukee two years later.

When Friess arrived, she was accompanied by fellow Bavarian, Mother Theresa of Jesus Gerhardinger, who founded the order, the mission of which is education. Mother Theresa decided that Milwaukee would become the locus of the order’s activities in the U.S.

Five years later, during a search for a suitable location, Friess selected the Elm Grove property as the site of a rest home for the sisters.

While that’s the workaday story, a more florid one goes that Friess was on her way to Watertown one day when her horse came to an unexpected halt at the site and refused to budge. This, Mother Caroline believed, was God dropping a pin on the spot.

Buying the acreage in 1856, and in the next three years the sisters established a cemetery, then a convent, an orphanage and later a school.

As the order grew, newer buildings were needed and thus was built the progression of structures noted above.

Born in Germany in 1866 and arriving in Milwaukee in 1883, Eugene Liebert – whose mother was a member of the Gallun Tannery family – was the perfect choice of an architect to reflect the Bavarian heritage of the order.

The year before construction began on Notre Dame Hall, Liebert had dissolved his partnership with Herman Schnetzky, with whom he’d designed a number of buildings, including the Germania Building, St. Michael’s Church and others.

Liebert’s work, while somewhat varied, always hearkened back to his German roots, as is evidenced by the German Renaissance Revival style of his building, which is the centerpiece of the site.

“The finished building fairly oozes Bavarian details and the creative use of Milwaukee’s Cream City yellow brick is worth of close study,” wrote historian H. Russell Zimmermann in his monograph on the architect.

“With its castellated skyline, stone and sheet metal trim, it certainly fulfilled (the) request,” of the Louis Mission Society in Bavaria, which donated funds toward the project.

The society – founded by King Ludwig I – had, according to Zimmermann, “requested that a ‘Bavarian-style castle-like design’ be created.”

And it is no less glorious on the inside, with multiple lovely woodwork-adorrned staircases and an eye-popping two-story chapel.

There are heavy wooden doors with impressive hardware, leaded glass windows, built-in cabinetry and more.

The complex, noted a report prepared for the campus’ 2011 listing on the National Register of Historic Places, “served the sick, disabled and handicapped of the SSND community. The combination of buildings, with the associated cemetery, stands as a testament to the need for, and school Sisters’ commitment to, continuous (and perpetual) care for its own population, whether it be physical ailment, mental infirmity, or simply old age.”

While there was a time when hundreds of sisters lived on the campus, by the time they sold it and moved in 2021 to Trinity Woods at the Mount Mary University site a few miles northeast, there were roughly 100 remaining.

Talks began in 2017 with Mandel Group, which has now begun site work on the Caroline Heights development.

As part of the project, Wauwatosa has agreed to provide municipal water service to the development in Elm Grove, which has been on well water, according to Mandel Senior Development Associate Dan Romnek.

“Mandel is extending the water to the project site,” he says. “Elm Grove residents along the path will be able to connect to the water main.”

While the site is losing some trees, it will remain heavily wooded.

“You can’t recreate this,” says Romnek, as we tour the campus on foot, passing under giant maples, chestnuts and other trees. “At least not in under 100 years.”

Surface parking lots on the property will go away as 386 spaces will be tucked underground.

Above ground, the two most striking buildings in the campus will remain and will house apartments that will encompass many of the unique features of the buildings, including original woodwork, leaded windows, staircases, terrazzo-floored balconies and more.

“Folks who live in Elm Grove and might be looking to downsize won’t want to downsize to a 1,200-square-foot apartment, but they might be willing to do it in an almost 2,000-square-foot space,” says Romnek of the larger units in the historic buildings.

“It’s not a lot of units, but these will be unique apartments.”

Some in Maria Hall will be garden apartments with areaways that offer access via the gardens out front, for example. Another unit, in the Liebert building, will get one of the building’s entrances all to itself.

The apartments range from 826-square-foot one bedrooms to 1,751-square-foot three bedroom units. Rents will run from about $1,700 to $3,500.

The first move-ins are expected in late 2024 with final completion the following year.

While Mandel had initially planned to seek historic tax credits for the project, it determined that it made more sense to remove some of the more recent buildings and forego the credits. The grotto will also be demolished.

Romnek said that Mandel worked with the sisters to look into moving it but due to the nature of its construction it was work that could’ve run into seven figures, he said.

Those structures will be replaced with a pair of C-shaped buildings that will flank a large common area in the center of the site, behind the historic buildings. That “main square” will be enclosed by a semicircular building at the back.

A trio of renderings of the new project.

A later addition to the back of Maria Hall will be replaced.

As work was underway on tree removal outside and some demolition on the interior, Romnek showed me around.

While Maria Hall was heavily renovated inside over the years, leaving it looking fairly underwhelming – other than those large outdoor terraces in the front with terrazzo floors – the Liebert building really is a stunner.

In the lower level we saw the opening – now blocked up – to a tunnel that led to a red barn on the eastern end of the property. (Stay tuned, as Romnek promised to call me or at least send photos/video when the tunnel is opened up before being filled in!)

Turning a corner we came upon the bottom of the main staircase that is jaw-droppingly beautiful and wends its way all the way up to the top of the building, where it is topped with a dome skylight.

There’s another, smaller staircase, that is equally nice, albeit less dramatic in scale.

Heading upstairs, I had a similar revelation when walking into the balconied chapel, with its putti heads and floral motifs atop stout pillars, its dark wood ceiling and stained glass windows.

Black Husky Brewing owner Tim Eichinger, who was head of buildings and grounds at the complex in the 1990s, tells me, “One of the stories was that the chapel is a replica of the throne room in the Neuschwanstein castle at the request of Ludwig Prince of Bavaria.”

It surely seems plausible.

Climbing up into the attic, Romnek says that the sisters told him when there were outbreaks of illness, some of them would set up cots up here to sequester themselves and avoid getting sick.

We go up another level and we’re out on the roof, where we can get close up to the many masonry details at the top of the building.

As is typically the case in buildings of this age, the brickwork is as detailed and ornate in areas that the public would never see as it is in the more visible parts of the structure.

Going back in, Romnek opens a door on the landing and we’re standing in the upper levels of an old water tower that once ran the entire height of the building.

At some point, the lower parts were filled in to create usable space on the floors below.

Despite the fact that the structures served as residences, most of the interior floor plans of these buildings will change and built-ins, while being saved and re-used, won’t necessarily remain in their original locations.

But those staircases will be there and the chapel will remain in place for use as a community room. Surely, one of the most impressive such rooms in any apartment complex in the area.

Mandel Group’s latest 116-unit apartment project adds to the slew of new apartments being built throughout Waukesha

Posted on February 11th, 2022

Article courtesy of the Milwaukee Journal Sentinel

Jim Riccioli

WAUKESHA – At a place where the tracks once brought countless travelers, an emerging apartment complex will attract people who plan to stay awhile.

Mandel Group’s 116-unit BridgeWalk Apartments, which broke ground in January along St. Paul Avenue west of Madison Street, adds to a landscape of downtown Waukesha high-density living complexes at a time when apartment plans are emerging on the city’s outer edges, particularly near the recently completed West Waukesha Bypass.

There’s no question Waukesha has been steeped in apartment proposals, and that’s no accident. Since 2018, when a housing survey revealed a shortage of apartment options in all categories, including upscale units, the city has fielded numerous plans.

BridgeWalk is the first to follow through in redevelopment areas in the city’s oldest commercial district, in the middle of Waukesha, and fulfills an element that has been on the city’s wish list since the turn of the century.

Long-sought redevelopment

In 2020, Mandel Group, which had similar plans for Elm Grove and Oconomowoc, began orchestrating a plan for a four-story complex on St. Paul Avenue, in a redevelopment area adjacent to a municipal parking lot.

But there was a lot of history dating further back — in fact, to Waukesha’s early days as a railroad town in the mid-19th-century and into its springs era in the late 19th century.

The site where Mandel’s apartments will stand included a passenger depot and tracks operated by the Chicago, Milwaukee and St. Paul Railroad, more commonly known as the Milwaukee Road.

However, time wasn’t kind to the Milwaukee Road or passenger rail traffic through Waukesha. That segment of the Milwaukee Road from what is today Highway F through Waukesha on St. Paul Avenue was eventually abandoned.

The land has sat vacant for decades, long after railroad tracks and the depot were removed. The city used some of the land for a municipal lot and, more recently, for its farmers market.

The neighborhood’s massive revision began early this century with the razing of several old and blighted commercial buildings to the west near Wisconsin Avenue and the subsequent construction of Mill Reserve Condominiums, a series of two-floor units built by Ogden Construction Group.

The redevelopment plan originally was left in the hands of Mill Reserve LLC, which agreed to build additional units to the east of the existing condos. That never happened, resulting in a legal battle in 2015 in which the city claimed the condo developer had reneged on its contract to follow through on plans dating back to 2007.

In 2016, Ogden proposed another development, a 120-unit apartment complex, but that also never materialized.

Mill Reserve LLC eventually sold the land, allowing Mandel to step forward with a more ambitious plan, which hinged a tax-supported funding initiative known as tax-increment financing.

The $30 million apartment complex is expected to generate millions in new taxes, enough to pay off $5.5 million in TIF money extended to Mandel by the city to get the project started. TIF uses new property taxes generated by site improvements to pay for certain costs.

Specifically, Mandel and the city agreed to a $2 million payment upfront. The special tax district will remain open until 2038 unless the $3.5 million balance is offset by new property taxes before that time.

Bridgewalk apartments will be upscale, developer says

That plan calls for 116 units — with studio, one-bedroom, two-bedroom and three-bedroom options — and price points currently expected to range from $1,050 to $2,230.

The long complex will essentially be one building with apartments on three or four floors in different spots, all topping one level of underground parking.

Apartment units will include what Mandel describes as “high-quality interior finishes” — stainless steel appliances, designer cabinetry with soft‑close doors and drawers, quartz countertops, wood‑like vinyl plank flooring and in-unit washers and dryers.

But it’s the amenities that Mandel is marketing more than the apartment layouts.

“BridgeWalk’s amenities will include a clubroom with adjoining, covered outdoor space, fitness center, ample and secure bike storage, bike‑repair room, a dog run, car wash, and a spectacular plaza that includes a green roof, covered area with grilling stations, and a fire pit,” Ian Thompson, Mandel’s director of marketing, said in a January announcement marking the official groundbreaking.

Thompson said the complex will also be attractive because of its setting.

“BridgeWalk’s name comes from the immediate connectivity of the development to the Fox River Trail and downtown Waukesha via the pedestrian bridge over the Fox River,” he said. “Mandel Group will bring modern aesthetic and comfortable living to Waukesha’s downtown and BridgeWalk will be prominently positioned on the Fox River.”

In a 2020 interview, Phillip Aiello, Mandel Group’s chief operating officer, indicated BridgeWalk’s positioning close to downtown Waukesha was no accident. It fit in with similar plans in Oconomowoc and Elm Grove.

“Each of these developments has a slightly different appeal, but all of them have a common thread of being located in walkable communities,” Aiello said.

The complex is expected to be completed early in 2023, according to Mandel Group.

Several other apartment projects are underway in Waukesha

BridgeWalk isn’t alone, either in downtown Waukesha or the city as a whole, in providing new apartment spaces. Seven other apartment projects totaling more than 600 units are in various stages of development or approval, all since 2019.

The biggest, at 192 units, involves 2.5 acres off Barstow Street and St. Paul Avenue, just east of Waukesha State Bank, that previously had been considered for another luxury apartment plan, one which fell apart from lack of investors at the beginning of the COVID-19 pandemic in 2020.

In 2021, General Capital Group and Joseph Property Development picked up where Campbell Capital Group had left off, albeit with a less amenity-filled proposal. The plan envisions three separate buildings of up to five stories, with retail space at the base of one of the buildings.

It would make use of a TIF district initially set up for Campbell. Under terms of the revised TIF, the developers would receive an upfront payment of $2.8 million and reimbursement for up to $4.7 million paid for by new tax earnings between 2024 and 2039.

Work could begin as early as this spring.

The city is also considering plans for City View Apartments, in part using land that was previously part of the Waukesha City Hall campus before the new municipal building was built. It would consist of 77 units.

But that’s smallish in comparison to plans emerging on the outer edges of the city to the north, west and south.

To the south, the 174-unit Village at Fox River luxury apartments, at the southeast corner of Highway 59 and Saylesville Road, is already under construction. It’s a mixed-use development that is also expected to include a convenience store/gas station and future commercial/office.

In that same neighborhood, Cardinal Capital has plans for a 72-unit complex off River Road, though those plans are not yet approved.

Both developments coincided with the 2019 completion of the West Waukesha Bypass, a route that incorporates Les Paul Parkway into a north-south stretch of Merrill Hills Road/Meadowbrook Road for quicker access to Interstate 94’s westbound lanes.

To the west, in what was once the old Fox Run shopping center off St. Paul Avenue and Sunset Drive, The Den at Fox Run, a 72-unit plan, is nearing completion. The site also includes the newest Ascension Wisconsin hospital, which opened in late 2021, and a new Landmark Credit Union branch location. Other commercial uses are planned.

To the north, a smaller apartment project with eight units is under construction on Silvernail Road. The Silvernail TownHomes border the new Avid hotel and the recent Good Harvest Market, which together filled a section of the city that included the redevelopment of a former German restaurant, The Gasthaus, into a new strip mall.

In 2020, city officials pointed to such plans, which at the time also included two apartment complexes near the intersection of White Rock Avenue and Moreland Boulevard, as a sign that developers were reacting to the city’s needs.

“When evaluating new housing projects we look carefully at the city’s recently completed housing study to make sure they are filling gaps in our housing supply,” Jennifer Andrews, Waukesha’s community development director, said in a 2020 interview. “The housing study showed a significant existing shortage of housing. The study identified a need for several different types of housing at varying price points. All of the residential projects fill a need identified in the study.”

Along those same lines, the city is considering plans for a senior apartment complex on Delafield Street across the road from City Hall. More than 100 units could be built under those plans, which are not yet final.

Mandel Group breaks ground on $30 million apartment building in Waukesha

Posted on February 2nd, 2022

Article published January 31 2022 in Milwaukee Business Journal by Teddy Nykiel.

Mandel Group Inc. broke ground on its BridgeWalk Apartments along the Fox River in downtown Waukesha earlier this month, according to a Monday announcement.

Completion is expected in early 2023.

Located at 205 W. St. Paul Ave., the 116-unit development will include studio, one-bedroom, two-bedroom and three-bedroom floor plans with rents ranging from $1,050 to $2,230 per month.

The total value of the project is $30 million and Old National Bank is the lender, Mandel Group director of marketing Ian Thompson said.

The project will also be financed with $5.56 million from the city of Waukesha through a tax incremental finance development agreement approved last year. Under that agreement, the city will give Mandel Group a $2 million upfront cash grant upon issuance of a certificate of occupancy for the building. For the remaining amount, the city will reimburse the developer in a pay-as-you-go financing model as the development generates incremental taxes.

The complex will have one building with three and four stories of apartments, and one level of underground heated parking, according to the announcement. Amenities will include a club room, fitness center, secure bike storage and repair room, and a car wash. Outside, there will be a dog run, green roof, fire pit and grilling stations.

Other local apartment projects by Milwaukee’s Mandel Group include the $60 million Velo Village apartments at Ballpark Commons in Franklin, which saw its 265 units fill up more than a year ahead of schedule. Work on its 302-unit Hackney House apartment development at Pabst Farms in Oconomowoc is underway.

Mandel Group Announces New Leadership

Posted on December 3rd, 2021

Barry Mandel and Bob Monnat, longtime heads of major Milwaukee developer Mandel Group Inc., are making room for executives Ian Martin and Phillip Aiello to become the next generation of company leadership.

Martin is taking over Mandel’s title as president, and Aiello assumes Monnat’s mantle as chief operating officer. Those changes cement the second generation of top leaders for Mandel Group, one of Milwaukee’s largest and most well-regarded developers with more than $1 billion in holdings, including 5,600 housing units.

“I’ve told both of them and I don’t expect them to be me, nor do I want them to be me,” Mandel said. “I want them to be themselves because, quite frankly, I think they are much better than I ever could be. I really do believe that Mandel Group’s future will eclipse our past success.”

Mandel will remain involved in the firm as its CEO and chairman, newly created positions. Monnat becomes senior partner, as does chief investment officer Dave Pavela.

Aiello and Martin have been vice presidents of development in Mandel Group, overseeing several of the company’s projects. Martin has been with the firm five years, and Aiello for 18 years.

Aiello was a leader on the 36-story University Club Tower in downtown Milwaukee and the North End in downtown Milwaukee, for example. Martin was a key player on The West redevelopment on National Avenue in West Allis and the Velo Village apartments at Ballpark Commons in Franklin, for example.

“I may be paraphrasing a little bit, but Barry once said, ‘I’d rather have my reputation than more money,’ or something like that,” Martin said. “Not that the two are mutually exclusive, but that’s always been very good advice. Mandel Group will only go as far as our reputation carries us.”

Mandel Group’s strategy going forward will remain largely the same. The most significant new strategy is considering development outside of the state of Wisconsin. Mandel Group has acquired properties across five states, but its actual new construction work thus far has been in southeast Wisconsin.

As opportunities arise outside of Wisconsin, Mandel Group will consider them, Martin said. It is pursuing a project in the Madison area now, which would expand the company’s geographic horizons.

“I do think where we see opportunities in markets outside of southeast Wisconsin, we will in reasonable fashion pursue those opportunities,” Martin said. “We have $500 million in our pipeline right now, all in southeast Wisconsin. That’s a fair bit of work on our plate that is all important work to do, so there’s no pressure for us to pull resources and attention away from that.”

Mandel’s current list of projects includes new apartments at Pabst Farms in Oconomowoc, building restoration and new housing construction at the School Sisters of Notre Dame’s 30-acre Elm Grove campus, and an estimated $150 million mixed-use redevelopment in Milwaukee’s Harbor District.

“Every development deal we do I would say has a high barrier of entry of some kind of another, and that’s always going to be the case,” Martin said.

On the operations side, Mandel Group a year ago adopted a new property management system that provides more data to help manage operations, Aiello said. That data includes tracking rent delinquency trends caused by Covid-19, or the resources Mandel is putting into leases with tenants from different geographic areas, for example.

While Thursday’s announcement signals the future management of the company, Mandel and other executives also stressed efforts to maintain continuity. Jason Babcock, who has overseen purchases of new properties, is being promoted to senior vice president of acquisitions and dispositions. Angie Achenbach, hired in 2018, remains chief financial officer. Don Lindeman remains president of Mandel Group’s property management company, and Sherry Meyers Thompson remains controller.

This new management arrangement is more than three years in the making, Mandel said. The firm analyzed strengths and weaknesses of the individuals and how they fit into the broader team, consulted with its advisory board, and hired an industrial psychologist specializing in human behavior in the workplace.

Mandel, who founded the real estate firm in 1991, said he doesn’t intend to take more time off from the company than he has recently.

“It’s never been work for me; it really just has been part of my life,” he said. “I intend my life will be pretty much similar to the way it’s been over the last two decades at least.”

Mandel Group hires new president of property management

Posted on December 3rd, 2021

Mandel Group Inc. hired experienced Illinois real estate executive Carly Stevenson as president of its property management company that oversees a portfolio of 6,240 apartments.

Stevenson comes to Mandel and Milwaukee from the Chicago market. She most recently was senior vice president with McCaffery Interests, a Chicago real estate firm that has properties in its home market, along with Washington, D.C.; Pittsburgh; and Denver. Her 18-year career in property management also includes working for AMLI Residential, and Trilogy Real Estate Group.

Stevenson joins Mandel Group as the real estate firm undergoes a leadership transition and selects its top executives for the years ahead. Founded in 1991 by Barry Mandel, the firm has a portfolio of apartment properties in downtown Milwaukee, such as the North End, and a growing collection of Class A suburban rental properties.

“We are excited to have Carly on board to help shape the growth we anticipate over the coming years,” said Phillip Aiello, chief operating officer of Mandel Group.

As the president of Mandel Property Services Inc., Stevenson said she has initiatives already lined up. She intends to improve operational items like revenue management software and ensuring virtual apartment touring programs that launched during the Covid-19 pandemic continue long term. As Stevenson noted, the pandemic may go away, but renters’ demand for virtual touring will not.

“It will be about us finding bigger and better ways to ensure we’re meeting that virtual demand,” she said.

The property management company oversees apartments developed by Mandel Group and other companies. It has a goal of growing to manage 10,000 apartments.

“As we get to 10,000 units, there’s some real human resources planning that has to be put into place,” Stevenson said.

Don Lindeman was president of Mandel Property Services for about 17 years. He is no longer with the company.

Mandel Updates Mask Policy June 2021

Posted on June 11th, 2021

We have come a long way since the start of the pandemic and want to thank you for working in partnership with us as we adhered to shelter in place orders, mask mandates, and various other requirements set forth by the CDC. We recognize how challenging this year has been for all, causing hardship and confusion to many within the communities we serve. With warmer weather arriving, an increase in vaccination rates, and a decline in transmission, there’s positive momentum towards resuming many pre-COVID activities. We are as excited as you are that life in our apartment communities and neighborhoods is returning to something closer to normal.

After carefully considering the updated guidelines from the CDC and other local agencies, as well as internal procedures, Mandel is adjusting our resident and associate mask policy to be consistent with the CDC’s guidance.

Effective immediately and per CDC guidelines, residents and associates who are fully vaccinated have the option to wear a mask or not wear a mask. However, Mandel is committed to providing a respectful and considerate environment for all within our communities. If it is your preference that Mandel team members wear a mask while interacting with you in the office or while providing service in your home, we will be courteous and honor that request. Given it’s a fully vaccinated person’s decision to wear a mask or not, we ask that you too as residents respect one another’s choice.

If a resident or associate is not fully vaccinated, per CDC guidelines, we will require that person to wear a mask in our common area spaces and in our management offices. If an associate is not vaccinated, they will also be required to wear a mask when entering your home. Please note that we will not be confirming any person’s (resident or associate) vaccination status thus should you want a mask to be worn while interacting with a member of our team, just ask and we’ll be happy to accommodate.

It is also recommended that you continue to adhere to COVID precautionary guidelines such as staying six feet apart from others, avoiding large gatherings, and frequently washing your hands. As well, if you are feeling sick and have reason to believe it may be COVID, please stay home and avoid exposure to others within the community.

If you have any questions or concerns, please reach out to any member on the Mandel team.

Our Response to COVID-19

Posted on September 11th, 2020

At Mandel Group, our mission is to provide unyielding customer service and contribute to the betterment of the community while demonstrating the highest degree of integrity and respect for our residents and those with whom we do business.

Beginning in March, 2020, the evolving coronavirus situation has impacted us all in ways we never expected. As circumstances continue to change, we remain steadfast in our commitment to following the lead of public health authorities (Centers for Disease Control and Prevention, the World Health Organization, and local government authorities) and adapting our policies and practices to meet their most up-to-date recommendations.

To help slow the spread of coronavirus and to support those who have been directly impacted, the following protocols remain in place at Mandel communities:

All Mandel Associates wear face masks and expect that residents and guests do the same when inside our offices.
We require safe social distancing (minimum of 6 feet) when conversing.
We support mask mandates that are in place in our cities and states and request that masks be worn by residents when outside of their apartment homes.
We continue to perform enhanced cleaning and disinfecting protocols in common areas, including frequent cleaning of high-touch surfaces.
We continue to limit the use of amenities such as our pools, fitness centers and clubrooms so we comply with mandated capacity limits and social distancing requirements.
We encourage interactions with our associates and the management office to be done electronically, as much as possible. Phone, email and our online resident portal are available for emergency needs and routine requests.
Our Maintenance Associates, when inside an apartment home, require social distancing of at least six feet and face coverings at all times.
We have limited and/or modified resident events to comply with social distancing guidelines.
We offer virtual, no contact and/or touchless tours with prospective residents to limit the number of people entering our communities and to lessen exposure.

Beyond these protocols, the basics have not changed. So much of our success in managing through the pandemic depends on personal habits. With that in mind, we continue to encourage our residents, guests, and associates to:

Wash hands often
Use hand sanitizer that contains at least 60% alcohol
Avoid close contact with individuals who aren’t feeling well
Practice safe social distancing
Cover coughs and sneezes with a tissue, then throw the tissue away and wash your hands
Avoid touching our nose, eyes, and mouth
Disinfect and wipe down frequently touched objects

As always, the well-being and safety of our residents and associates is our number one priority. We are honored by the trust placed in us and we are committed to doing our part during this ongoing crisis.

MANDEL GROUP ANNOUNCES SUCCESSION PLAN, NEW PRESIDENT, COO

Posted on July 9th, 2020

Barry Mandel named Chairman and CEO; Ian Martin named President; Phillip Aiello named COO; Jason Babcock named Senior VP; Bob Monnat and Dave Pavela named Senior Partners

MILWAUKEE – Mandel Group, Inc. (MGI), a Milwaukee-based real estate services firm, announced today the implementation of its leadership succession plan, in which members of the emerging leadership group will take on key, new roles in the company.

“We have been carefully preparing for the long-term future of the company for many years,” said Chairman and CEO Barry Mandel. “The changes we’re announcing today reflect the continuation of a natural evolution in our leadership team to carry forward the larger, more diversified business we have become over the last 30 years.”

Effective immediately, founder and current President Barry Mandel will serve as Chairman and Chief Executive Officer. Ian Martin was elevated to President, and Phillip Aiello was named Chief Operating Officer. Bob Monnat and Dave Pavela will transition to Senior Partners with the firm, and Dave Pavela will continue as Chief Investment Officer. Jason Babcock was promoted to Senior Vice President of Acquisitions & Dispositions to lead the firm’s activity in acquiring properties throughout the Midwest. Angie Achenbach was hired in December of 2018 as Chief Financial Officer when Dave Pavela was elevated to Chief Investment Officer. Don Lindeman, President of the Management Company, and Sherry Meyers Thompson, Controller, will add to the leadership group.

The new leadership team structure will enable the company to continue to draw upon the deep experience of its senior leadership group, while elevating members of its emerging leadership group. The plan builds on MGI’s existing strengths, retains institutional knowledge and positions the company for even greater success in the future.

“Our entire leadership team is committed to moving the company forward with the same core values that have made us successful for the last 30 years,” said President Ian Martin. “With those core values is a commitment to exceptional customer service, integrity and respect for all we do business with and a dedication to bettering the communities in which we invest.”

Founded in 1991, Mandel Group has grown into a multi-faceted real estate development and services firm with significant operations in development, acquisition, construction and property management. It is widely recognized as the premier residential multi-family developer in the greater Milwaukee area.

Since its inception, Mandel Group has completed over $1.5 billion in real estate transactions and currently owns assets in five Midwestern states exceeding $1 billion in value. The company’s active pipeline of near-term and future projects approximates $500 million in metro Milwaukee and throughout the company’s targeted Midwest region.

“The past three decades have been a remarkable journey and the resiliency of our business model has been proven by the unthinkable challenges faced during that time,” said Chairman and CEO Barry Mandel. “I am confident that with our emerging leadership team now in place we are positioned to eclipse our past success as a real estate company.”

About Mandel Group

Mandel Group, Inc. is a national award‐winning builder and developer headquartered in Milwaukee. Founded in 1991, Mandel Group has developed or transacted over $1.5 billion of residential and commercial real estate development and acquisition activity in the metropolitan Milwaukee area as well as select Midwestern markets. Among its 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 is available at www.mandelgroup.com.

Top Projects Award

Posted on May 15th, 2019

Congratulations to The North End for being recognized as a Top Project by The Daily Reporter! TDR has been recognizing amazing development and construction projects throughout the state of Wisconsin for 20 years. To see The North End feature and a list of this year’s award recipients, go here.

Mandel sells Marine Terminal office space in 3rd Ward

Posted on December 10th, 2018

Mandel Group Inc. sold a block of riverside office space in Milwaukee’s 3rd Ward for $10.45 million to a local investor, according to state records.

The 41,000 square feet of offices comprise the first floor of Mandel’s Marine Terminal Building at 100 N. Broadway. The space is leased to the Milwaukee office of HGA Architects & Engineers, which over the past year renovated that floor and expanded its offices.

Read the full Milwaukee Business Journal article here.

Harbor District lands anchor projects

Posted on November 12th, 2018

In late February 2016, Lilith Fowler sat down with a map of a 1,000-acre area people were just beginning to recognize as Milwaukee’s Harbor District and began thinking about possibilities for the abandoned sites, vacant lots and aged heavy industrial buildings.

Fowler and city leaders could see potential in the Harbor District.

Today, less than three years later, three major development totaling $515 million are planned. Those projects include Mandel Group Inc.’s plan for a $130 million residential development on the Milwaukee River.

Read the full BizTimes cover story article here.

From former tannery to high-end housing: The North End helps transform downtown Milwaukee

Posted on April 13th, 2018

The largest new upscale housing development in Milwaukee’s downtown area started with the abrupt shutdown of a tannery.

Nearly 20 years later, The North End, which is being developed by Mandel Group Inc., is finally finishing its last phase.

The $190 million project is bringing around 900 new residents to the neighborhood where downtown meets the east side — and has helped attract other developments.

Read the full article on Milwaukee Journal Sentinel here

DoMUS | 441 E. Erie St. | Milwaukee

Posted on April 12th, 2018

DoMUS, the latest residential addition to Milwaukee’s riverfront, completes one of the last remaining segments on the riverwalk’s east shore, providing continuity and access from downtown to Lake Michigan.

“As a result of this development the riverwalk system is now complete throughout the Historic Third Ward,” said Bob Monnat, chief operating officer of Mandel Group Inc., DoMUS’ developer. “The tax increment created by this and other developments along Erie Street allow for public amenities such as Trestle Park, which is underway on the old railroad abutment next door.”

Read the full article on Milwaukee Business Journal here

How Mandel Group practices eco-friendly development

Posted on March 26th, 2018

At Mandel Group, we are proud to be “eco-friendly.” We are committed to environmentally responsible real estate development in a way that far outpaces the “green” claims of companies today. It’s important to us today and for the future — after all, residential and commercial buildings account for a whopping 43% of the energy consumed on our planet! Mandel Group’s “eco-friendly” initiative is engineered to achieve not only environmental goals but also to enhance the livability of your new Mandel home. Here’s how.

Energy efficiency

Any environmentally-conscious developer needs to be serious about energy efficiency. We’re looking at all of the ways in which our buildings promote and incorporate energy efficient design and engineering. Our buildings include sophisticated heating and cooling systems using the highest efficiency equipment and state-of-the-art products. Within each home, we only use the most highly-rated Energy-Star appliances and thoughtfully incorporate new energy-efficient technologies

Indoor environmental quality

Your home’s environment needs to be friendly to you, as well as the environment. Our homes are characterized by highly efficient wall and floor systems, high-efficiency air purification filters, and huge exterior window walls to transfer light between multiple rooms.

The result is a home that is quiet, with incredible air quality, and plentiful soothing natural light throughout.

Environmentally responsible building materials

Today it seems as though everyone wants to say that their product is “green”. What does this really mean? Is it “green” to transport solvent-impregnated bamboo flooring from China? Is it “green” if a building material suffers from a short lifespan? Is it “green” if the manufacturing process has no respect for environmental or labor standards? We constantly evaluate building components to come up with the most responsible materials for your home. Our hardwood floors are harvested and milled in Wisconsin — 4 trees are replanted for every one that is cut. We use Kohler plumbing fixtures manufactured in Kohler, Wisconsin, rather than transport fixtures from overseas. And we emphasize sustainability — materials that are tough at the start and built to last. After all, longevity is one of the most environmentally responsible goals we can achieve.

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The Marquette Student Portfolio

Long-sought redevelopment

Bridgewalk apartments will be upscale, developer says

Several other apartment projects are underway in Waukesha

Energy efficiency

Indoor environmental quality

Environmentally responsible building materials