La Crosse firm buys 46-unit Beláy Apartments in Milwaukee

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Editor’s note: This story has been updated with the sale price from the Wisconsin Department of Revenue.

A 46-unit, riverfront apartment building in Milwaukee has been sold to a real estate company based in La Crosse, Wisconsin.

La Crosse-based Three Sixty Real Estate Solutions bought Beláy Apartments, located at 2200 N. Commerce St. in the city’s Beerline neighborhood. The company bought the property, which includes Adventure Rock’s first downtown climbing gym, from original developer Mandel Group.

The LaCrosse company bought two parcels, more than 66,000 square feet and 13,740 square feet respectively, from Mandel Group for $12.2 million, Wisconsin Department of Revenue Records showed.

Beláy Apartments was part of Rivercrest, a 2-phase project for Humboldt Yards along the Milwaukee River. Located southwest of the North Avenue bridge, the apartments have 46 units, 65 parking spaces and a 17,000-square-foot indoor rock climbing and boulder gymnasium. The more than $10 million project started in June 2015 and crews with Greenfire Management Services completed the apartments in July 2016.

This is Three Sixty’s first investment in the Milwaukee area, according to commercial real estate firm CBRE.

CBRE team members Sean Beuche, Matson Holbrook, Gretchen Richards and Patrick Gallagher represented the seller and found the buyer.

The deal closed on Wednesday, a CBRE spokesperson said. The price of the sale wasn’t shared.

“We are thrilled to announce the acquisition of Beláy Apartments in Milwaukee, a step that expands our footprint to serve Wisconsin’s largest market,” said Marvin Wanders, principal of Three Sixty Real Estate Solutions, in a statement. “Our vision extends beyond the financial transaction to the essence of what makes an asset a vital part of the community. This acquisition allows us to put into practice our vision for sustainable development practices, professional operations, and collaborative community engagement. We appreciate the thoughtfulness on the part of Mandel Group in conceiving and operating this asset for many years.”

“We’re grateful to CBRE for bringing forward an incredibly qualified successor to our ownership of this property,” said Robert B. Monnat, senior partner of Mandel Group, in a statement. “We’ve enjoyed getting to know Three Sixty Real Estate Solutions, LLC and we’re impressed with their clear commitment to property stewardship and community connectedness. We are very confident this unique asset will continue to thrive under their ownership and management. This property is one of our all-time favorite developments, and we’re pleased to have generated a favorable return for our investors over an extended ownership period.”