Building to Become Condos Chicago Firm to Convert Waukesha Apartments

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By TOM DAYKIN

An apartment complex in downtown Waukesha has been sold to a Chicago development firm, which plans to convert the rental units into condominiums, it was announced Thursday.

The Landing, which has 116 units at 100 E. Main St., was purchased by Tria Properties LLC for $12.3 million, said Matthew Whiteside of Marcus &

Millichap Real Estate Investment Brokerage Co. Whiteside brokered the sale.

Tria Properties plans to sell the units for around $160 per square foot, or roughly $114,900 to $206,900, said Alex Gershbeyn, Tria's owner.

The Landing is the first Milwaukee-area development for Tria.

The Landing's one-bedroom units range from 718 to 811 square feet, and the two-bedroom units have 1,042 to 1,293 square feet. The apartments currently rent for $725 to $1,260 a month.

The Landing was sold by Waukesha developer Bryce Styza, who completed the project in 2002.

The four-story building overlooks the Fox River and includes an indoor swimming pool and spa, underground parking, meeting room, fitness center and washers and dryers in every unit.

The development becomes the latest in a series of Milwaukee-area apartment communities, totaling nearly 800 units, that are being converted to condos.

Demand for the condos is largely fueled by consumer mortgage interest rates that remain relatively low.

The projects include the 275-unit Landmark on the Lake apartments, 1660 N. Prospect Ave., which are being converted by Chicago-based NVG Residential Inc., and the 169-unit Blatz Apartments, 270 E. Highland Ave., which are being converted by local investors Fiduciary Real Estate Development Inc. and Ruvin Development Inc.