The Park Lafayette property in Milwaukee, the largest condominium development in Wisconsin, has been sold to Park Lafayette Property Holdings LLC for $55 million and will be maintained as an apartment complex.
The apartments in the twin 20-story towers located at 2000-2038 N. Prospect Ave. will be managed and leased by the Mandel Property Services Inc., a wholly owned subsidiary of the Mandel Group Inc.
Only eight of the 280 units were sold as condominiums. Robert Monnat, chief operating officer of the Mandel Group, said the building is 65 percent leased.
The Chicago-based developer of the $103 million project, Renaissant Lafayette LLC, filed for bankruptcy in 2009. Monnat was appointed receiver of the property.
The property will be marketed under a new name, Park Lafayette Towers.
A small amount of construction work needs to be completed in the buildings that overlook the lake and downtown.
The new owner, LongView Ultra Fund of Amalgamated Bank, a union pension fund that financed the project, was the sole qualifying bidder for the property.
Monnat said that while the price of the sale is a discount, the per-unit price is $202,000, close to the price for other new luxury apartments.
— Marie Rohde