Brookfield-based MLG Capital has purchased a 476-unit apartment complex in Waukesha for $36.5 million, marking the second large Waukesha County transaction for the investment group this week.
MLG Capital purchased West Grove Apartments at 2105 Kensington Drive from Waukesha-based Sunburst IV Limited Partnership.
Tim Wallen, CEO of MLG Capital, said the company plans to make upgrades to the apartment complex, which has not been renovated since it was built about 30 years ago.
“We are trying to create a great spot for people to live,” Wallen said. “We’re going to update the community center, create a fun zone, build a half basketball court, shuffle board, a gazebo and grilling area.”
The 46.5-acre property is located northwest of West Sunset Drive and West St. Paul Avenue and is currently about 97 percent occupied. Broker and investor Michael Siewert facilitated the sale, according to MLG Capital.
MLG Capital manages about 8,000 rental units across the country.
On Jan. 26, MLG Capital purchased the 147,300-square-foot Pewaukee Plaza strip mall on West Capitol Drive in Pewaukee for $1.8 million.
“Most of our acquisitions have been outside of the state,” Wallen said. “We’re looking to do some moves closer to home.”