CBRE Arranges Sale of Historic Whiting Place Apartments in Stevens Point, Wisconsin

CBRE has arranged the sale of Whiting Place Apartments, a 21-unit multifamily property in Stevens Point. Heidi Mancheski, a Stevens Point-based investor, purchased the property from Wausau-based Lokre Companies and Weston-based Stehr Construction for $3.2 million.

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

Whiting Place Apartments, originally developed in 1923 as The Whiting Hotel, was designed by the Milwaukee-based historic architect Alfred Clas. It was renovated in 1988 into a mixed-use apartment community with ground-floor retail, professional offices and heated underground parking.

"Whiting Place Apartments attracted dozens of local, regional and national investors during our team’s marketing process, demonstrating the strength of investor demand in a market with scarce inventory,” said Beuche. “The mix of apartment, retail and office tenants, coupled with the asset’s location in a city of 25,000, ultimately favored an experienced local investor that saw the value in the historic asset and its iconic location.”

Whiting Place Apartments is located at 1408 Strongs Ave. in downtown Stevens Point, one block south of Main Street and within walking distance of the Wisconsin River. The five-story Mediterranean Revival-style building is classified as a Historic Place by the National Park Service's National Register of Historic Places.

The property features ornate interior designs, stained glass windows, restored crown moldings, terrazzo floors, original woodworking, one- and two-bedroom floor plans ranging from 583 to 3,640 square feet and nearly 18,000 square feet of ground-floor and lower-level commercial space.