Katz Properties Inc. has acquired a 72-unit condominium development in Pewaukee from GE Healthcare, for $12.8 million.
The Bayside-based developer and property manager is planning to turn those units into apartments.
According to state records, GE Precision Healthcare LLC sold the property at N16 W22420 Watertown Road to an affiliate of Katz, Rivers Edge Holdings LLC.
The RiversEdge Condos, soon to be RiversEdge Apartments, are located across the road from the GE Healthcare Institute conference center and about 5 miles from the company's Waukesha campus.
The development includes four 18-unit buildings on 46 acres of land. It was used by GE Healthcare employees who were in town for training, according to filings with the city of Pewaukee.
GE Healthcare has also listed its Waukesha campus for sale. This is because the company plans to shift more than 1,500 jobs to its West Milwaukee and Wauwatosa locations.
Daniel Katz, owner of Katz Properties, said the RiversEdge listing drew heavy interest from buyers. He said the units are well-maintained and will need minimal updates. They are all large two-bedroom units.
"Our plan is to run it as apartments," Katz said.
He said tenants may be able move into the units shortly. Updates may include kitchen and bathroom remodeling, and tearing out carpet in some areas in favor of hardwood floors.
Katz Properties is also looking into adding buildings at the site. Katz said that may prove difficult to do since much of the area is protected wetlands.