A landmark building in Milwaukee’s Brewery District, the former Pabst brewery complex downtown, has been sold for $19.2 million.
The Malt House, a Cream City brick structure originally built in 1882, was sold to Chicago-based Midloch Investment Partners, which acquired the property in a joint venture with Minnesota-based Hempel Real Estate, according to a press release issued Tuesday.
The building was converted into 118 modern apartments in 2021 by Whitestone Realty Capital, which purchased the building in 2016 for $1.6 million. The Malt House now offers studio to two-bedroom apartment units, with amenities that include a fitness center, coworking space, and rooftop deck. Rental rates for currently-available units range from $1,495 for a one-bedroom apartment to $2,975 for a two-bedroom apartment.
Midloch CEO Andy Sinclair described the building as “a one-of-a-kind property in a market we know well and love.”
“We’ll be making some additional upgrades to the property, including common area improvements and some unit upgrades, and curing deferred maintenance,” Sinclair said. “With quality local management and the already robust amenity set, we expect The Malt House to command attractive lease rates and perform well over time as we realize its full potential.”
Milwaukee-based Harmoniq Residential will oversee leasing and property management. The property's seller was Milwaukee Pabst Holdings LLC.
This acquisition adds to Midloch and Hempel’s portfolio in Milwaukee, which also includes Playbill Flats, The Avenue (home to the 3rd St. Market Hall), and several downtown parking structures, including the Brewery District garage.
Josh Krsnak serves as both CEO of Hempel and a principal at Midloch.
The Malt House is part of the seven-block redevelopment of the former Pabst Brewing complex, which now includes apartment buildings, hotel rooms, new breweries and office space.
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