The owners of the former Grand Avenue mall, who are busy transforming the property into a mixed-use complex called The Avenue, recently purchased the Majestic Lofts next door. This is the latest in a series of acquisitions the developers have made of properties that are located next to or near the former mall.
The 135 apartments are located in the Majestic building at 225-233 W. Wisconsin Ave., which is connected to The Avenue. Through an affiliate, developers Josh Krsnak of Minneapolis-based Hempel Cos. and Tony Janowiec of Milwaukee-based Interstate Development Partners LLC purchased the apartments for $10.55 million.
Krsnak revealed recently the two aren’t done acquiring properties in the area.
“We’ve acquired, since the mall, six additional assets; we have our seventh asset under contract right now,” he said at a Greater Milwaukee Committee member meeting.
Address: 225-233 W. Wisconsin Ave.
Buyer: 225 Wisconsin Partners LLC
Seller: Majestic Milwaukee Loft Apartments LLC
Price: $10.55 million
