The new owner of the historic Paul Weise Furniture Co. building on Milwaukee’s East Side plans to convert it into 11 apartments.
Deerfield, Illinois-based Fairchild Acquisition bought the building at 1534 N. Farwell Ave. for $900,000, said Fairchild managing partner Sam Grossman.
The $3 million project will create three one-bedroom units on the first floor, and one three-bedroom and three two-bedroom units on both the second and third floors. The first floor could include a lobby, business center and gym. It will also have historic photos of the building on display.
Grossman said the exterior will largely remain intact.
“This is an adaptive reuse,” he said. “It’s taking a white box blank canvass, and I can do what I want (with it).”
Grossman is a resident of Illinois, but grew up in Milwaukee. He said he has childhood memories of the Paul Weise building. It’s where his family and grandfather bought furniture.
He recalled visiting the building recently as a potential buyer.
“I walk in and immediately the emotions pour out,” he said. “I remember going here as a four-year-old.”
Nathan Glaisner of Verde Investments represented Fairchild in the deal. Colliers | Wisconsin represented the seller, Steve Stein.
The building dates back to 1910 and has an assessed value of $414,100, according to city records.
The redevelopment is the latest addition of Fairchild’s growing portfolio of apartment buildings in Milwaukee. Fairchild first entered the market about a year ago, with the purchase of three buildings near the University of Wisconsin-Milwaukee. Subsequent acquisitions include a 21-unit building on East Lafayette Place.
Fairchild’s plan is to own a 200-unit portfolio of rental housing near the UW-Milwaukee campus.
The Paul Weise building deal marks the firm’s ninth acquisition over the past year in Milwaukee, Glaisner said. When the redevelopment is completed, the firm will have more than 100 units in its Milwaukee portfolio.
