Apartments sold for condos

Chicago developer plans to convert east side Landmark building

By TOM DAYKIN
tdaykin@journalsentinel.com

Landmark on the Lake, one of the largest apartment developments on Milwaukee's east side, has been sold and is to be converted to condominiums.

The 275-unit, 28-story building at 1660 N. Prospect Ave. was sold to Chicago developer Nick Gouletas, a spokeswoman for Gouletas said Monday. The purchase price of $56 million is more than double the sale price of eight years ago, according to the Milwaukee County register of deeds.

Gouletas' company, NVG Residential Inc., will convert the building's apartments into luxury condos over the next two years, spokeswoman Kim Simonelli said.

A mix of one-, two- and three-bedroom units, ranging from 685 to 3,015 square feet, is to be priced from $200,000 to $700,000, including a space in Landmark's parking structure. The average selling price is to be $325,000.

A statement from NVG, quoting appraiser Peter Moegenburg of Peter Moegenburg Research, said the average price of condos in downtown Milwaukee is $424,372.

A nearby condo building, 1522 On The Lake, at 1522 N. Prospect Ave., sold most of its 99 units at an average price of $410,000. That building was completed in 2003.

Options for Landmark's buyers will include combining smaller units to form larger condos, Simonelli said.

Upgrades are to include the installation of stainless steel appliances and granite countertops.

Units also would have more open kitchens, with plans calling for the removal of non-load-bearing walls to achieve that look.

In a statement, Gouletas said Landmark's amenities include floor-to-ceiling windows, concierge service, an indoor pool and a fitness center.

He also touted the property's location, which overlooks Lake Michigan and is close to the night life and shops of E. Brady St.

Gouletas has done condo conversion projects in Chicago. This marks his company's first Milwaukee venture, Simonelli said.

Milwaukee Landmark Apartments LLC, an investment group organized by Peter and Anthony Malkin of Wien & Malkin Securities Corp. in New York, sold Landmark.

The group bought Landmark in 1997 for $23.5 million.

Landmark was built in 1991 as a $34 million joint venture involving Lincoln National Life Insurance Co. of Fort Wayne, Ind., and local developers Dennis Klein and Richard Felker.

Lincoln National bought out Klein and Felker in 1992 after the venture failed, and five years later, it sold the building to the Wien & Malkin group.

Gouletas financed his purchase through Corus Bank and Terra Capital Partners of New York, on behalf of Rubicon Mezzanine Loan Fund.