Katz Acquires Portfolio of 784 Apartments
One of Milwaukee's largest landlords expands portfolio with $84 million purchase.
According to state real estate transfer records, the combined value of the sale was $83.9 million.
“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.
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