A Michigan-based investment firm has acquired a large residential complex near the former Northridge Mall in Milwaukee for $57.9 million.
The deal includes multiple parcels totaling nearly 50 acres located northeast of North 76th Street and West Brown Deer Road, according to state property records.
The properties were sold by an affiliate of Colorado-based Monarch Investment Group to an entity tied to Investors Equity Group, a Michigan firm led by Roger Thornburg. According to Thornburg’s LinkedIn profile, the company owns around 3,000 apartment units and roughly 64,000 square feet of commercial office and retail space.
The centerpiece of the acquisition is Harbor Pointe, a 412-unit apartment complex built in 1971, which was part of a broader plan to surround the now shuttered Northridge Mall with suburban-style housing, only some of which was built. The complex has units ranging from studios to three bedrooms, with rents for currently available units ranging from $1,008 to $1,788, according to Apartments.com.
The transaction also included a 30-unit townhome-style development just west of the Harbor Pointe complex.
Milwaukee County records show the combined properties have an assessed value of $39.1 million.
