Brookfield-based
MLG Capital recently purchased a large apartment complex in the Village of Somers, near Kenosha, for $71.7 million, according to state records.
It's the 64th property acquired as part of MLG’s growing Legacy Fund, which recently surpassed $1 billion in assets.
Located at 3100 Market Lane, the 330-unit Market Square Apartments complex includes 16 buildings. The complex was built in 2017 and 2019.
“This is an exciting acquisition in a market with significant commercial development and convenient access to both Milwaukee and Chicago,” said Daniel Price, senior vice president at MLG Capital, in a press release. “MLG expects to see continued industrial development and job growth in this corridor that will drive strong tenant demand over the next several years.”
MLG cited the 11 million square feet of industrial buildings developed in the past two years and an additional 6 million square feet of industrial buildings planned or under construction in Kenosha County.
MLG acquired an interest in the property with its Legacy Fund, which offers a tax-deferred exit strategy for private real estate owners, according to the release.
The apartment complex was sold by an affiliate of Kenosha-based
Bear Real Estate Group, a family of companies that includes Bear Commercial, Bear Homes, Bear Development, Bear Property Management and Construction Management Associates.
