The Brix Lofts Apartments building in Milwaukee’s Walker’s Point neighborhood has reached 95 percent occupancy four months after opening this summer.
That lease-up of the 98-unit building is another reflection of the strong downtown apartment market, and attractiveness of Walker’s Point. Brix is a former industrial building previously used to manufacture candy bars at 408 W. Florida St. It is south of the Reed Street Yards water technology business park, and next to the Iron Horse Hotel. Contractors recently completed a parking structure between the Brix and Iron Horse, said Dustin Sydorowicz, property manager at Siegel-Gallagher Management Co.
“We were hoping to reach stabilization by the end of this year,” Sydorowicz said of the apartments.
The Milwaukee firm is managing the building for its developer, Madison-based Hovde Properties.
Monthly rents in Brix range from $1,150 for a one-bedroom to $2,275 for three-bedroom apartments, Sydorowicz said. All five of the three-bedroom units are leased out, he said.
Most tenants are young professionals, including employees of GE, Rockwell Automation, and the Milwaukee Brewers and Bucks teams, Sydorowicz said.
“Most people want to be close to downtown and not smack dab in the middle of it,” he said.
Original article by Sean Ryan and appeared in the Milwaukee Business Journal. Click here to view.