Oregon, Wisconsin-based Gorman & Co.
has sold its Park East Enterprise Lofts apartment complex near downtown Milwaukee for $9.2 million, according to state records.
The buyer plans to renovate the building and expand its programming.
Park East Enterprise Lofts is at 1401-1407 N. Dr. Martin Luther King Jr. Drive in the city's Haymarket neighborhood.
A Gorman affiliate recently sold the building to Park East Harmony Housing LLC, an affiliate of Harmony Housing
Harmony Housing is a non-profit group that owns affordable apartment communities nationwide. This includes about 20 in Wisconsin, according to its website.
It was started by Stephen Rosenberg, founder of chief executive of New York-based real estate finance and investment company Greystone & Co. II LLC
. Greystone personnel support Harmony Housing.
"The purchase (of Park East Enterprise Lofts) is in pursuit of the continued goal of Harmony Housing to preserve and maintain low income housing in areas where there is a desperate need for such," Kerry Brewer, senior vice president of Greystone Property Management, said. "Harmony Housing’s mission uses the profit earned on all of the assets in its growing 15,000 unit portfolio to contribute to charitable causes both nationally and internationally."
Greystone Property Management will manage the property for Harmony Housing, Brewer said. It plans to spend nearly $500,000 in renovations over the next year. It also intends to expand both the social and residents services programs in the building, she added.
Park East Enterprise Lofts is Gorman's fourth housing community targeting creative households, such as entrepreneurs and artists, according to the property's website
It has a mix of one-, two- and three-bedroom units. Some units on the first floor are live-work units suited for entrepreneurs.
Building amenities include conference rooms, a business center, fitness facility, community room with roof top deck and a movie theater.