Blackhawk Ridge

20.85

Acres closed in Phase 1, Sept. 2026

THE OPPORTUNITY

About 100 acres of agriculturally zoned land in Kenosha, Wisconsin, roughly three miles from I-94 between the Chicago and Milwaukee metros, in a county that has grown about 11% over the last decade.

PETRA and co-sponsor Matterhorn Venture Partners acquired the tract in 2024. It was well located and the market would need it, but no one had yet done the work to prepare it.

THE CHALLENGE

The land was zoned agricultural, about 20 acres were wetlands, and utilities had to be extended.

No buyer was willing to commit before the zoning and planning work was done, and that work takes time, patience and capital.

WHAT WE DID

Tested every use. PETRA modeled build-to-rent, multifamily, single-family lots and light industrial against the market before choosing a direction.

Found one aligned buyer. A two-phase agreement with Continental Properties covers the entire site, so the plan for every acre points the same way.

Worked the entitlements together. PETRA supported Continental through master planning with the City of Kenosha.

THE OUTCOME

The Kenosha Planning Commission approved Continental's master plan in December 2025.

Phase 1, 20.85 acres, closed on September 11, 2026. The remaining ~79 acres are under contract, with closing anticipated in summer 2027.

WHY IT MATTERS

Value in raw land is created through patient work with cities, planners and buyers. At Blackhawk Ridge, PETRA did that work while staying on its investors' side of the table, turning farmland into an approved plan for new housing.

PROJECT TEAM

PETRA (Co-Sponsor); Matterhorn Venture Partners (Co-Sponsor); Continental Properties (Buyer)

This case study describes a single project and is for informational purposes only. It is not an offer to sell or a solicitation of an offer to buy any security. Past performance does not guarantee future results. Public figures limited to acreage and status.