Five apartment buildings near Marquette University’s campus have been purchased by a Milwaukee developer who plans to renovate them for the first time in years.
An affiliate of Klein Development purchased a portion of the Cedar Square Apartments on North 14th And North 15th Streets from Cedar Square LLC for $5.8 million, according to state records.
The buildings are located at 923 N. 14th St., 920, 928, 934-940 and 942 N. 15th street. They have a combined assessed value of $5.73 million, according to city records.
The buildings are 100 percent occupied. Over the next few years, renovations will be done in the common areas and other portions of the buildings, said Michael Klein, president of Klein Development.
The apartments are currently rented for $450 to $550 per month. Klein said after the buildings are renovated, he believes the rents can be increased to $650 to $750.
Klein has wanted to invest in the Marquette area since moving back to Milwaukee. He said this is the perfect project.
“Marquette is on the upswing again,” Klein said. “I love what the university is doing around campus. This year has record freshman enrollment and I love the neighborhood. Having Marquette as a neighbor makes it even better.”
On Monday, Klein also began demolition of the Cousin’s restaurant at 2900 N. Oakland Ave., on the city’s East Side. Klein Development and Jeno Cataldo are planning a five-story, $12.5 million, 55-unit apartment complex at the site.
