Latitude Apartments, a 90-unit apartment complex built last year on Milwaukee’s East Side, is now 100 percent leased, according to property manager Sarah Lovy.
The building was developed by Dermond Property Investments at 1857 E. Kenilworth Place. It has 71 one-bedroom apartments, with 633-849 square feet of space and rents at $1,125 to $1,450, and 19 studio units, with 561 square feet of space each and rents at $950 to $1,095.
Dermond now has a waiting list of 30 to 35 people for the one-bedroom apartments and 15 people for the studios, Lovy said.
The building was completed in August and fully leased by the end of May, Lovy said.
Lovy estimates that 90 percent of the residents at Latitude are young professionals, and most of them work outside of the downtown area.
“Most of them are from out in the suburbs but they want to be on the East Side,” she said.
The success of Latitude is another example of the health of the apartment market, which has gained strength after the condo bubble burst and the overall housing market collapsed in 2007.
Last week Mandel Group announced that 90 percent of the 272 apartments at Park Lafayette Towers, located at 1918 E. Lafayette Place on the East Side, have been leased.
“I think the apartment market is pretty strong right now,” Lovy said.
Dermond Property Management is considering plans to build more apartments, she said.
“We’re not sure where at this time,” Lovy said.