An investors group including Milwaukee real estate investor and developer Mike Olson, Milwaukee-based Edgewater Real Estate LLC and other investors, recently closed on a purchase of the two-building City Hall Square Apartments complex in downtown Milwaukee.
The group purchased the complex for $12.15 million, Olson said. The complex was sold by Housing Horizons LLC, a subsidiary of Kimberly-Clark Corp. The deal closed on Friday.
City Hall Square Apartments is located in an eight-story, 123,920-square-foot, 103-year-old building at 104 E. Mason St. and a six-story, 94,167-square-foot, 129-year-old building at 125 E. Wells St. The Mason Street building has 90 apartments and the Wells Street building has 45 apartments.
The complex also has retail space occupied by the Safe House, China Gourmet and Circle Theater.
The two-building complex has an assessed value of $9.5 million, according to city records.
“It’s a nice asset in a great location,” Olson said. “It’s always done very well.”
The building will be managed by Edgewater Real Estate, which is taking over management duties from Sterling Property Management.
