In a good sign for the downtown Milwaukee apartment market, Mandel Property Services Inc., a division of Milwaukee-based Mandel Group, announced that it has now leased 90 percent of the apartments at Park Lafayette Towers.
The 280-unit, twin 20-story towers were built at 1918 E. Lafayette Place, on a bluff overlooking Lake Michigan on Milwaukee’s East Side. The property, originally built as condominiums, was sold last year to Park Lafayette Holdings LLC last year in a bankruptcy sale.
Only eight of the units were sold to condo buyers. Those units are still owned by the original buyers. The other 272 units are being leased as apartments. The project added significantly to the inventory of apartments in the area in and near downtown Milwaukee. However, approximately 245 of the apartment units at Park Lafayette Towers have been leased and only about 27 are still available.
Mandel Property Services was hired to manage and lease the property for Park Lafayette Holdings.
“The property’s location has really resonated with the downtown and East Side audience for apartments,” said Katrina Lipman, property manager for Mandel Property Services. “People love how close everything is along the lakefront.”
Park Lafayette Towers’ one-bedroom units are 100 percent leased, and Mandel Property Services is crating a waiting list. Some two- and three-bedroom units are still available.