Mandel Sells Unique Apartment Building
La Crosse firm buys Belay.
The Belay Apartments
An unusual riverfront apartment building has a new owner.
The Mandel Group announced Thursday that it sold the Belay Apartments to La Crosse-based Three Sixty Real Estate Solutions.
The four-story, 46-unit apartment building was completed in 2016, but is best known for the commercial tenant from which it derives its name. Adventure Rock operates a climbing gym in an 18,000-square-foot space nestled within the building. Residents receive complimentary access to the gym.
The complex is located at the intersection of N. Commerce Street and E. North Avenue on a riverfront site above the Milwaukee River.
The investment marks Three Sixty’s first purchase in the Milwaukee area.
“We are thrilled to announce the acquisition of Belay Apartments in Milwaukee, a step that expands our footprint to serve Wisconsin’s largest market,” said Marvin Wanders, principal of Three Sixty Real Estate Solutions, in a statement. “Our vision extends beyond the financial transaction to the essence of what makes an asset a vital part of the community. This acquisition allows us to put into practice our vision for sustainable development practices, professional operations, and collaborative community engagement. We appreciate the thoughtfulness on the part of Mandel Group in conceiving and operating this asset for many years.”
The Milwaukee office of CBRE brokered the sale. Brokers Sean Beuche, Matson Holbrook, Gretchen Richards and Patrick Gallagher worked on the deal.
“We’re grateful to CBRE for bringing forward an incredibly qualified successor to our ownership of this property,” said Robert Monnat, senior partner with Mandel. “We’ve enjoyed getting to know Three Sixty Real Estate Solutions, LLC and we’re impressed with their clear commitment to property stewardship and community connectedness. We are very confident this unique asset will continue to thrive under their ownership and management.” Monnat added “This property is one of our all-time favorite developments, and we’re pleased to have generated a favorable return for our investors over an extended ownership period.”
The building is clad in a weathered steel facade. Owing to the gym’s positioning within the structure, the North Avenue facade has few windows while the west facade has an abundance of large windows to bring light into the four-story gym space.
The sale price was not disclosed and the transaction does not yet appear in the state’s real estate transfer database.
Mandel built the development on land it had left over from its Rivercrest Condominiums complex.
For more on Belay, see our 2016 profile.
2016 Interior Photos
2016 Exterior Photos
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