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.