Affiliates of Milwaukee-based Shoreline Real Estate Co., owned by the Crichton family, purchased five buildings on Prospect Avenue on Milwaukee’s East Side, according to a member of the group that sold the properties.
A tenants in common group, under the names Prospect Avenue Real Estate Holdings LLC and Matex Real Estate Holdings LLC, sold the buildings at 1216 N. Prospect Ave., 1224 N. Prospect Ave., 1234 N. Prospect Ave., 1252-60 N. Prospect Ave. and 1228-36 E. Juneau Ave. to affiliates of Shoreline, according to Don Meissner, the owner of Equity Team Management LLC and a member of the tenants in common group.
The properties, located in the Yankee Hill neighborhood where downtown Milwaukee meets the East Side, cover a combined 5.5 acres, Meissner said. They are located on the east side of Prospect Avenue on a bluff overlooking Lake Michigan and are near Burns Commons and the end of the new downtown Milwaukee streetcar line.
The portfolio of historic buildings includes the 3-story White Manor building at 1228-36 E. Juneau Ave., the 7-story Lakeshore Building at 1224 N. Prospect Ave. and the 9-story Art Deco Building at 1252-60 N. Prospect Ave. Those three apartment buildings are all listed under the same tax key by the city of Milwaukee, with an assessed value of $8.9 million. State records indicate the three buildings were sold for about $9 million.
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The portfolio also includes a two-story, 3,792-square-foot, 152-year-old building at 1216 N. Prospect Ave., which has an assessed value of $430,000 according to city records. It is used for office space.
The portfolio also includes a two-story, 3,365-square-foot, 118-year-old building at 1234 N. Prospect Ave., which has an assessed value of $355,000, according to city records. It is also used for office space. There was no state filing for its sale.
State records show the property at 1216 N. Prospect Ave. selling for $785,000. That transaction also included the building at 1234 N. Prospect Ave., according to Michael Dwyer, an attorney for the Crichton family.
"The Crichton family is pleased to purchase (the five buildings) to add to the Shoreline Real Estate Co. residential property portfolio, and looks forward to continuing to operate (them) in the first-class manner that its residents deserve," the family said in a statement.