University Club Tower condo sold for $1 million

University Club Tower
University Club Tower

An investor that in December purchased both of the condos on the 27th floor of the University Club Tower near the lakefront in downtown Milwaukee has flipped them for a profit of about $140,000.

Lake East LLC bought the two condos on the 27th floor of University Club Tower for $2,984,931, according to state records, which said the agent of Lake East LLC was Katherine Gehl, the retired president and chief executive officer of Germantown-based Gehl Foods Inc. The Gehl family sold the company in 2015 to a private equity firm.

Lake East has now sold the two condos on the 27th floor of University Club Tower for a total of $3,125,000, turning a profit of $140,000 on the flips.

One of those condos, unit 2701 in the building, was recently sold for $1,075,000 by Lake East LLC to the John L. Beagle and Gwyneth Jones Beagle Living Trust, according to state records. The 2,447-square-foot, two-bedroom, two-bath condo has an assessed value of $1,438,500, according to city records.

John Beagle is the chief executive officer, managing director and co-founder of Milwaukee-based investment bank Grace Matthews.

The other condo, unit 2702, a 3,964-square-foot, two-bedroom, 2.5-bath unit, was sold in February for $2,050,000, to Matthew Bartel, co-founder of Digital Measures, according to state records. It has an assessed value of about $2.2 million, according to the city.

Digital Measures was acquired last year by New York-based Watermark.

The University Club Tower is a 36-story, 53-unit luxury condo building at 825 N. Prospect Ave. that was completed in 2007 and developed by Mandel Group. It is the tallest residential building in the state.

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Andrew is the editor of BizTimes Milwaukee. He joined BizTimes in 2003, serving as managing editor and real estate reporter for 11 years. A University of Wisconsin-Madison graduate, he is a lifelong resident of the state. He lives in Muskego with his wife, Seng, their son, Zach, and their dog, Hokey. He is an avid sports fan and is a member of the Muskego Athletic Association board of directors.

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