Katz Acquires Portfolio of 784 Apartments

Katz Properties, one of Milwaukee’s largest apartment rental companies, added 784 apartments to its portfolio as part of an acquisition of 19 properties owned by Blankstein Enterprises.

According to state real estate transfer records, the combined value of the sale was $83.9 million.

The buildings are located on Milwaukee’s East Side as well as in a handful of Milwaukee County suburbs.

Blankstein, a family-owned investment and property management company, was represented by CBRE brokers Patrick Gallagher, Matson Holbrook and Gretchen Richards on the sale.

“Working hand-in-hand with the seller, we crafted a targeted and highly confidential marketing strategy and are extremely pleased with the results,” said Gallagher in a statement announcing the sale. “This portfolio offered a once-in-a-lifetime acquisition opportunity, and we are thrilled to see it pass on to another strong, local operator.”

The third-generation property management company was founded in 1932. It does business today as Optimum Property Management and still owns a number of properties in the region, including its office at 2120 W. Clybourn St. Blankstein is led by Eugene Bass.

Katz, which owns the 598-unit Juneau Village Towers complex, is headquartered in Bayside and owns more than 1,000 apartments and several commercial buildings across the region. Many of its properties are long-operating buildings on the city’s East Side. The firm is led by Daniel Katz.

The seven newly-acquired city of Milwaukee properties were purchased for $34.2 million.

The suburban properties acquired by Katz include four in Shorewood as well the 196-unit Sunburst Apartments and 48-unit Howard Garden Apartments in Greenfield and the 164-unit Newbury Place Apartments in Oak Creek

City of Milwaukee Properties

• 2400 E. Bradford Ave. ($7.95 million)
• 2508 E. Belleview Pl. ($6.6 million)
• 2466 N. Oakland Ave. ($13.8 million)
• 1628 N. Franklin Pl. ($2.87 million)
• 2218 N. Summit Ave. ($2.39 million)
  
• 2618 N. Stowell Ave. ($261,990)
• 2622-2624 N. Stowell Ave. ($377,010)

UPDATE: An earlier version of this article had the wrong municipality for the Newbury Place building.