Apartment portfolio near Marquette University to be sold

Milwaukee developer Rick Wiegand asking $9 million for properties

The Campus Community Apartments are highlighted in red.

Last updated on May 15th, 2019 at 04:59 pm

Milwaukee developer Rick Wiegand selling the Campus Community Apartments near Marquette University, with an asking price of $9 million.

The Campus Community Apartments are highlighted in red.
The Campus Community Apartments are highlighted in red.

The 110 apartments, located in seven buildings at 805-811 N. 22nd St., 825 N. 22nd St., 2125 W. Kilbourn Ave, 819-821 N. 21st. St., 833 N. 21st St., 855 N. 21st St. and 2128-2130 W. Wells St., were built between 1903 and 1965.

As of Dec. 1, occupancy on the properties was 100 percent with the apartments primarily leased to Marquette students.

The entire portfolio is listed on an online auction website www.ten-x.com, which is marketing them nationally.

Typically, portfolios with more than 100 units attract national investors who will pay more for the properties, said Joe Eldredge, senior vice president of Colliers International Wisconsin.

“Rick has done a wonderful job in managing these properties and he is so vested in the near west side area,” Eldredge said. “He would like to deploy his capital on some other projects.”

The net operating income of the properties is $640,822, according to the website.

Wiegand could not be reached for comment.

In the mid-2000s, he dramatically renovated the Ambassador Hotel at 2308 W. Wisconsin Ave. and later, the Executive Inn across the street at 2301 W. Wisconsin Ave, into the Ambassador Inn.

Wiegand was planning to spend $52.7 million to convert the 124-year-old former F. Mayer Boot and Shoe Co. building, now known as the Milwaukee Fortress Building, just north of Schlitz Park near downtown Milwaukee, into 176 apartments, but dropped the proposal.

In September, Madison-based developer the Alexander Company announced plans to purchase the property from Wiegand to renovate the six-story, 193,988-square-foot warehouse into 132 apartments with 25,000 square feet of office space on the first two floors on the south side of the building.

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