CBRE Arranges Sale of 46-Unit Beláy Apartments in Milwaukee

CBRE has arranged the sale of Beláy Apartments, a 46-unit mixed-use multifamily property in Milwaukee, most recognizable as the long-term home of Adventure Rock’s first downtown climbing gym. La Crosse-based Three Sixty Real Estate Solutions, LLC purchased the property from its original developer, an affiliate of Mandel Group, Inc., marking the buyer’s first investment in Greater Milwaukee.

CBRE’s Sean Beuche, Matson Holbrook, Gretchen Richards and Patrick Gallagher represented the seller in the transaction and procured the buyer.

“We are thrilled to announce the acquisition of Beláy Apartments in Milwaukee, a step that expands our footprint to serve Wisconsin’s largest market," said Marvin Wanders, Principal of Three Sixty Real Estate Solutions, LLC. "Our vision extends beyond the financial transaction to the essence of what makes an asset a vital part of the community. This acquisition allows us to put into practice our vision for sustainable development practices, professional operations, and collaborative community engagement. We appreciate the thoughtfulness on the part of Mandel Group in conceiving and operating this asset for many years."

Beláy Apartments is located at 2200 N. Commerce St. in Milwaukee’s Beerline neighborhood, on a bluff overlooking the Milwaukee River. The property features one- and two-bedroom floor plans and 17,000 square feet of mixed-use space, occupied on a long-term lease by Adventure Rock, Inc. In addition to premium Class A features, residents benefit from complimentary membership access to Adventure Rock.

"We’re grateful to CBRE for bringing forward an incredibly qualified successor to our ownership of this property,” said Robert B. Monnat, Senior Partner of Mandel Group. “We’ve enjoyed getting to know Three Sixty Real Estate Solutions, LLC and we’re impressed with their clear commitment to property stewardship and community connectedness. We are very confident this unique asset will continue to thrive under their ownership and management. This property is one of our all-time favorite developments, and we’re pleased to have generated a favorable return for our investors over an extended ownership period.”