The Makefile.win in apr-util has a typo, I believe:

in target 'buildall':

 $(MAKE) $(MAKEOPT) -f apr_app.mak    CFG="apr_app - $(ARCH)" RECURSE=0 $(CTARGET)
 $(MAKE) $(MAKEOPT) -f libapr_app.mak CFG="libapr_app - $(ARCH)" RECURSE=0 $(CTARGET)


it should be:

 $(MAKE) $(MAKEOPT) -f aprapp.mak    CFG="aprapp - $(ARCH)" RECURSE=0 $(CTARGET)
 $(MAKE) $(MAKEOPT) -f libaprapp.mak CFG="libaprapp - $(ARCH)" RECURSE=0 $(CTARGET)


(no dashes)

I'm guessing someone renamed the project files but didn't update the Makefile.win to correspond.  Once I make that change, the build succeeds.

Regards,
Seth