North Town Partners started in the automotive business. Van Horn Automotive Group operates 18 new and used car dealerships in Wisconsin and Iowa. While the primary business was selling vehicles, getting that job done required beautiful showrooms in great locations. As the company prospered, the scope of these real estate activities grew. Somewhat unknowingly, Van Horn Automotive developed a strong property management organization.
To take advantage of these newly developed competencies, Chuck Van Horn, CEO of Van Horn Automotive Group, merged these two functions into a business unit, Van Horn Real Estate Development. The team had three jobs:
The company broke ground on its first venture in the space, Pineview Apartments, located in Sheboygan Falls, WI (about an hour north of Milwaukee, WI). The 54-unit apartment complex opened in 2017. Three years after opening its doors, the company successfully exited the property selling it to an investment group focused on this asset class.
A 33 unit luxury townhome development in downtown Sheboygan located on a brownfield site along the river. Unique challenges included brownfield mitigation efforts, and the use of helical piers for foundational support. Project included DNR grants and tax incremental financing. Total cost $8.1 Million, 7.0% cap rate.
As part of the employee buyout of the Auto Group, Van Horn Development was spun off as an independent real estate development company.
To reflect the businesses’ separate focus from the automotive group, Van Horn Real Estate Development was renamed to North Town Partners.
Located in Sheboygan, WI, North Town Partners has $85M under management (2024) and multiple projects underway and in development.
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