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MILWAUKEE-The locally based Mandel Group has sold the multifamily property Lake Bluff at East Pointe to Shoreline Lake Bluff LLC for $27.5 million. The 110-unit community overlooks Lake Michigan at 1300 N. Prospect in the East Side neighborhood.

The three-story, nine-year-old property has 40 one-bedroom units and 70 two-bedroom units, averaging 1,262 sf each. Amenities include underground heated parking, a car wash station, a clubroom, a business center and a fitness center.

The property is 94% occupied, according to a statement by Holliday Fenoglio Fowler LP, which represented Mandel in the sale. Officials with HFF did not return a call for comment. HFF senior managing director Matthew Lawton and directors Marty O’Connell, Sean Fogarty and Dave Nachison led the investment sales team.

Lawton said in the statement that the city is seeing a resurgence of residents wanting to live Downtown. “In the past five years, nearly 2,500 new condominium and apartment homes have been constructed in Downtown Milwaukee, and the population has grown by 20%,” he said in the statement. According to a Marcus & Millichap Milwaukee apartment market report, the city is experiencing about a 9% vacancy rate.

The sales price of Lake Bluff represents a much higher return than the average sales price of about $45,000 to $60,000 per unit for Milwaukee apartment buildings, and rents higher, at $1,310 to $2,410 per month, than the average city premium rent of $905 per month.

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