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Article: Katz buys Porticos apartment complex Investor pays $15.2 million for Fox Point property; renovation in progress
- Article from:
- The Milwaukee Journal Sentinel (Milwaukee, WI)
- Article date:
- June 10, 1997
- Author:
CopyrightCopyright 1997 The Milwaukee Journal Sentinel. Provided by ProQuest LLC. (Hide copyright information)
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Real estate investor Daniel J. Katz has bought The Porticos a
luxury apartment complex in Fox Point that was nearly sold to
another investor earlier this year.
Katz said Monday his company, Katz Properties Inc., paid $15.2
million for the 257-unit property, 500 W. Bradley Road. The
Porticos was sold by Income Opportunity Realty Investors Inc., a
real estate investment trust based in Dallas.
Earlier this year, real estate investor John Burke Jr. had reached
an agreement to buy The Porticos for more than $15 million. Burke
co-developed the property in 1971 and 1972, but lost it to bank
foreclosure in 1973 after inflation pushed interest rates on his
loan to 20%.
Burke's company canceled ...