Developer completes large Wauwatosa apartment site purchase
Journal Sentinel business reporter Tom Daykin talks about commercial real estate and development.
An Atlanta-based development firm has completed its purchase of a Wauwatosa property that will be converted into a 236-unit apartment community.
Mayfair Property Partners LLC, an affiliate of Atlantic Realty Partners Inc., bought the former Hall Automotive site, 11011 W. North Ave., from Brookfield-based Automotive Holding Corp. for $5.2 million, according to state real estate records posted Wednesday.
Atlantic Realty and Campbell Capital Group LLC plan to create The Reserve at Mayfair, a luxury apartment development, on the 5-acre site. That $44.6 million proposal was announced in 2014, and received final city approval in December.
The five-story building will wrap around a five-level parking garage and include a fitness center, pool, private courtyards and a two-story clubhouse, according to the plans. Each parking garage floor will connect to each floor of the apartment building.
The targeted renters will be "young affluent professionals, single adults, empty nesters and active seniors," according to Atlantic's proposal filed with the city. The monthly rents will range from around $1,100 to $1,800.
The development's financing includes $4.5 million in city funds, which the Common Council approved last year.
Those funds will be provided to the developers through the new property taxes generated by The Reserve at Mayfair. The city cash will be provided over roughly 10 years from the project, which will have an estimated assessed value of $27.1 million.
Demolition work has started, with the apartments to be completed by spring 2017, said Richard Aaronson, Atlantic Realty president. He also praised city and state officials for their work in coordinating future road improvements near the site.
It is among several higher-end Wauwatosa apartment developments that have been recently completed, or are in the development process.
Atlantic and Campbell plan to develop a similar project in Brookfield, at the southwest corner of Bishop's Way and Blue Mound Road.
Atlantic also is building the River House apartments on Milwaukee's east side, on N. Water St., north of the Holton St. bridge.
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Commercial Real Estate News
Common Council rejects apartment high-rise behind Goll House
A proposed $55 million 27-story apartment tower for Milwaukee's east side has been rejected by the Common Council.
The council on Tuesday voted 10-5 to support the project, falling two votes short of the supermajority needed for approval. The zoning change needed 12 votes because a protest petition was signed by enough adjacent property owners, said Ald. Ashanti Hamilton, council president.
The opponents were Ald. Robert Bauman, whose district includes the site, along with aldermen Cavalier Johnson, Mark Borkowski, Jose Perez and Tony Zielinski.
Check the Milwaukee Assessor’s Office website, which includes tools to look up property assessments.
Find property assessments for other communities throughout the state at AssessorData.org.
The Milwaukee Department of City Development website includes information on the city Plan Commission and Redevelopment Authority.
The Commercial Association of Realtors Wisconsin offers information on commercial realtors and real estate.
The Milwaukee chapter of the Institute of Real Estate Management serves the needs of real estate management professionals
The Wisconsin chapter of the NAIOP Commercial Real Estate Development Association aims to serve developers and owners of commercial real estate.
The Land and Space blog was recognized by the Society of American Business Editors and Writers in the blog category for dailies with circulation between 200,000 to 500,000.
The judges said, "Daykin’s aggressive reporting and accessible, explanatory writing make him a must-read for his tight-knit and highly engaged audience."
