Milwaukee-based Katz Properties Inc. kicked off 2023 with a large property acquisition, purchasing a portfolio of 11 multifamily complexes in the Milwaukee area from Blankstein Enterprises Inc. for more than $82.5 million.
CBRE’s Patrick Gallagher, Matson Holbrook and Gretchen Richards represented Blankstein Enterprises and several affiliated entities in the transaction.
State property records indicate Katz Properties paid $82,551,000 for the properties, located in Greenfield, Oak Creek, Shorewood and Milwaukee. The largest properties were the 196-unit Sunburst Apartments in Greenfield, which sold for $18.2 million, and the 184-unit Newbury Place apartments in Oak Creek, which sold for $16.1 million. The 99-unit Oakland Manor apartments in Shorewood were sold for $13.7 million.
Katz also bought the Einstein Bros. Bagels building at 4301 N. Oakland Ave. in Shorewood for $1 million and two duplexes in the 2600 block of North Stowell Avenue for $639,000.
Price: $82.5 million
locations: Milwaukee, Shorewood, Greenfield, Oak Creek
Seller: Blankstein Enterprises Inc. of Milwaukee
Buyer: Katz Properties Inc. of Milwaukee