3L Closes on Milwaukee Asset, Plans Conversion

The company will invest $15 million to transform the former office property at 735 W. Wisconsin Ave. into a 144-unit apartment building.
735 W. Wisconsin Ave., Milwaukee

735 W. Wisconsin Ave., Milwaukee

The former Wells Fargo building at 735 W. Wisconsin Ave. in Milwaukee has found a new owner. 3L Real Estate bought the 12-story, 110,000-square-foot property from Zilber Ltd., with plans to invest $15 million to convert the structure into 144 one-bedroom and studio apartments.

The development is slated for completion sometime during the third quarter of 2018. First Midwest Bank will provide the construction loan.

This structure stands in the heart of Westown, amidst a vibrant and growing mix of retail, dining, entertainment and institutional activity that draw people to the area,” said John Kersey, executive vice president of Zilber Ltd., in prepared remarks. “We are eager to see 3L transform this space into a community asset that will preserve the integrity of the tower while also attracting a new generation of tenants who can utilize the space in a way that makes sense for Milwaukee today.

Located near some of the city’s most important sites, such as Marquette University, the Bucks Entertainment District, Aurora Health Care Athletic Research Center and several other attractions in the central business district, the upcoming Milwaukee multifamily community is expected to draw rents starting at $900 per month per unit.

Among other amenities, the building will include a bike storage and a fitness center and is also expected to offer free internet services. In addition to the residential component, plans also call for some retail space on the first floor of the property.

Image courtesy of Google Street View