Milwaukee Condo & Real Estate Scene

JSOnline: Court orders Juneau Village sold - Owners at odds over high-rise landmark

A real estate partnership sours after many years. Thomas Hauck, John Crichton, and Daniel Katz formed a partnership long ago to purchase Juneau Village (which consists of Juneau Village Towers, Juneau Village Gardens, and the Juneau Village Shopping Center). According to the article, the entire complex is assessed at $58 million.

In 2006 Hauck passed away, leaving his share of the partnership to his family. Katz, who owns many apartment complexes in the city, filed a lawsuit against the other partners demanding a sale. Katz argued that the existing partnership wasn't working and that he wanted to buy the entire complex.

The Hauck family countered arguing that they were being unfairly "squeezed out."

Milwaukee County Circuit Judge Richard Sankovitz ordered that the entire complex be sold. Judge Sankovitz also suggested that the partners do all that they can to market the property to avoid a sheriff's auction.


My Thoughts

It seemed that downtown Milwaukee was going to lose many of the apartment complexes to condominium developers during the early- to mid-2000s. Courtyard Square, The Blatz, Landmark on the Lake, Cambridge Terrace, and Gallun Tannery all made the move to condominium units. During the past two years, The Franklin at East Pointe and Lake Bluff at East Pointe also made the move. However, The Franklin has decided that the conversion market is too competitive and decided to return back to apartment units.

During the initial wave of apartment-to-condominium conversions, I thought that Juneau Village and Yankee Hill were going to make the move as well. I'm confident that whoever purchases Juneau Village will continue to operate the complex as an apartment complex.


Marie Rohde, writer for The Milwaukee Journal Sentinel, explains how this heated legal dispute has affected the partnership as well as the partners' families. Click here to read the entire article>>>


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Labels: Real Estate

posted by David Ray @ 2:59 PM