The River House Apartments were sold in mid-December by Atlanta-based Atlantic Realty Partners to Kirkland, Washington-based Weidner Apartment Homes. The two buildings sit on the site of the former Gallun Tannery.
The buildings and 243 apartment units make up just the first phase of the overall project. The second phase calls for two more buildings with 200 units, which will go up on the remaining vacant land immediately north of the existing buildings.
Richard Aaronson, chief executive officer and co-founder of Atlantic Realty, said his group was looking to recapitalize the project with a new investment partner when it was approached by Weidner about buying the property outright. Aaronson’s company still owns the land for the project’s second phase.
Weidner also recently purchased the nearby Avenir Apartments at 1437 N. Jefferson St. from affiliates of Wangard Partners Inc. for $22.3 million.
Address: 1785 N. Water St., Milwaukee
Buyer: Weidner Apartment Homes
Seller: Atlantic Realty Partners
Price: $58 million