129-unit multifamily development sold for $21 million in West Bend

A historic industrial site turned into an apartment community changed hands in West Bend.

Hendricks Commercial Properties sold Cast Iron Luxury Living, located at 611 Veterans Ave., for $21 million, commercial real estate firm CBRE announced on Friday. The property went to a “partnership of local buyers,” officials said in a news release.

The development was renovated in 2015 and 2017 into a mixed-use apartment community with 45,748 square feet of ground-floor commercial space, officials said. In 1911, the building was occupied by the West Bend Company, a business that made cookware and appliances.

CBRE arranged the deal and represented Hendricks Commercial Properties. The team was made up of Matson Holbrook, Patrick Gallagher, Gretchen Richards, Sean Beuche and Peter Langhoff.

“Hendricks did a phenomenal job creating Cast Iron Luxury Living as the bellwether of high-end multifamily units in West Bend that consistently maintains nearly 100% occupancy,” said Holbrook in a statement. “The market certainly took notice, and our CBRE team is extremely pleased by the outcome of this transaction,” he added.

Currently, building tenants include Kettle Moraine YMCA, West Bend Pediatrics – Children’s Wisconsin and the West Bend Area Chamber of Commerce. Two restaurants, Café Floriana and the Grün Hexe Kitchen & Catering, are also tenants.

The development is in downtown West Bend in the riverfront district. Inside is a range of studio-, one-, two- and three-bedroom floor plans.