A Minnesota-based real estate development company that specializes in apartment buildings has purchased a large downtown Milwaukee lot from an investment group led by developer David Winograd.
Roers Investments LLC, of Long Lake, Minnesota, purchased the vacant land located at 1333-1339 N. Milwaukee St. from LCM Funds 41 MKE-BROADWAY LLC, the group led by Winograd, for $950,000.
Winograd and a group of investors purchased the property in April from AnchorBank for $820,000, according to state records. Winograd could not be reached for comment.
Dave Higgins, vice president of development with Roers Investment, said via email that the group would be in Milwaukee on Wednesday, but could not be reached for further comment.
According to the company’s website, the company ended 2015 with a portfolio comprising $200+ million worth of development across more than 20 projects, more than 1,100 apartment units, property management and third-party management. This year, Roers is pursuing projects in five cities.
The property the company purchased in downtown Milwaukee is located at the southeast corner of East Ogden Avenue and North Broadway.