Residents at 333 Water, the 31-story apartment building under construction in Milwaukee’s Historic Third Ward, will pay rents ranging between $2,175 and $9,425 per month. That’s according to figures made public Friday morning from Houston-based Hines, the international developer working on the project at 333 N. Water St., located along the Milwaukee River at St.
Residents at 333 Water, the 31-story apartment building under construction in Milwaukee's Historic Third Ward, will pay rents ranging between $2,175 and $9,425 per month.
That's according to figures made public Friday morning from Houston-based Hines, the international developer working on the project at 333 N. Water St., located along the Milwaukee River at St. Paul Avenue.
The building's apartments will rent for $3.99 on a price per square foot basis. That makes it the most expensive apartment building in Milwaukee, above The Couture at $3.69 per square foot and Ascent at $3.48 per square foot, according to Gard Pecor, a senior market analyst with CoStar Group.
"It’s pretty hard to beat 333 Water’s location," Pecor said. "I think the building’s premier location alone will generate significant demand for this development, regardless of its premium pricing."
The first residents of the tower, which broke ground in December 2022, will be moving in June 8, with residents of the building's upper floors moving in starting Aug. 28.
The building's 77 studio apartments will range in size from 561 square feet to 715 square feet. Rents for those units will range from $2,175 to $2,844 per month, depending on size and location in the building.
There will be 113 one-bedroom units ranging in size from 721 square feet to 894 square feet, with rents between $2,423 and $3,490 per month; 83 two-bedroom units ranging in size from 1,057 square feet to 1,422 square feet, with rents between $3,644 and $5,239 per month; and 18 three-bedroom units at 1,541 square feet, with rents between $7,520 and $7,905 per month.
All of the two- and three-bedroom units have two bathrooms.
There are 32 units on the building's top four floors being marketed as penthouse units. Those range from a 993-square-foot one bedroom unit at $4,165 to a 1,810-square-foot three bedroom unit for $9,425.
Almost half of the building's 333 apartment units are priced between $2,000 and $3,000 per month, with more than two thirds of the units costing between $2,000 and $4,000 per month.
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The building will have a lot of its amenities on its ninth floor, including a resort-style pool and deck, fitness center with indoor and outdoor space, sports lounge with golf simulator and billiards and a large indoor and outdoor clubroom.
The project also includes a 210-foot extension of the public RiverWalk system, which would extend over the water, next to the private spaces for the building’s restaurant patio, a dog park and other building amenities.
The project’s $109 million construction loan is through Ullico Inc., a Washington, D.C.-based firm that loans money from organized labor pension funds.
On downtown Milwaukee's lakefront, The Couture will also start welcoming its first residents this year. Rents at that apartment tower range from $2,045 per month for a 576-square-foot one-bedroom unit to $11,650 per month for a 2,350-square-foot, three-bedroom penthouse unit.
Hines has $94.6 billion in assets under management, with 197 projects currently underway worldwide. Local real estate experts have said Hines's investment is a vote of confidence to the Milwaukee market, and a welcome influx of housing units as the metro area's apartment vacancy rate is among the lowest in the nation.
Milwaukee’s apartment market was the third-most competitive in the nation in 2023, according to a report from Santa Barbara, California-based RentCafe.
"Urban luxury rentals in places like Chicago have long been commonplace, but they’re becoming more prevalent in smaller markets like Milwaukee as well," Pecor said. "We’ve seen that with strong lease-ups at 7Seventy7 and Ascent are continuing to see that at the Couture. I expect 333 Water to be no different, particularly due to its location."
[caption id="attachment_552021" align="aligncenter" width="1024"] Houston-based Hines is building a 31-story apartment tower at 333 N. Water St. (Rendering courtesy of Solomon Cordwell Buenz)[/caption]
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