Multifamily v Wisconsin

3L Real Estate brings 144 affordable apartments to Milwaukee's Westown area

3L Real Estate brings 144 affordable apartments to Milwaukee,ph01
The exercise room at 735 W. Wisonsin

The $15 million transformation of the Wells Fargo Bank building into 144 affordable rental apartments is adding momentum to downtown Milwaukee’s surging Westown neighborhood.

Nearly a year after acquiring the 110,000-square-foot, 12-story tower at 735 W. Wisconsin, 3L Real Estate has completed the conversion and renovation of 79 one-bedroom apartments and 65 studios. The new units, which are now available for rental, will support the demand for apartments within walking distance of the city’s mix of retail, dining and entertainment options, including the new Wisconsin Sports and Entertainment Center, the new home of the Milwaukee Bucks, the Old World Third Street, the historic heart of the city’s German community and Marquette University.

The new HOP MKE (Milwaukee Streetcar) and Downtown Milwaukee transit system, central business district and other attractions are also nearby this urban center.

735 W. Wisconsin features 17 unique floor plans, with hardwood floors, lofted-ceilings and rents starting from $799 per month. The building features a fitness center, laundry center, bike storage, free Wi-Fi, brand-name stainless steel appliances and more. 3L plans to add new retail to the first floor to complement the new patio, and Wells Fargo Bank will remain.

735 W. Wisconsin is 3L’s latest adaptive reuse of an historic building. In the late spring of 2017, 3L acquired the building for more than $4 million from the Milwaukee real estate company Zilber Ltd. And over the last 18 months, 3L has pursued a portfolio of creative and non-disruptive reuse properties in centrally located urban areas that also include Chicago.

Last fall, 3L acquired the iconic Johnson Building, the former headquarters of Ebony and Jet magazines at 820 S. Michigan Ave. in Chicago.