Home Industries Real Estate MLG Capital purchases three Milwaukee-area apartment complexes

MLG Capital purchases three Milwaukee-area apartment complexes

By
Hunter Turpin
-
Norhardt Crossing apartments in Brookfield. Image from MLG Capital

Brookfield real estate investor MLG Capital announced Thursday that it has purchased three Milwaukee area apartment complexes with a total of 310 units. The three properties had an asking price of $66.3 million, according to marketing materials from JLL, which marketed the portfolio. MLG Capital declined to disclose the purchase price. The deal included Trostel Square

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Hunter Turpin
http://www.biztimes.com
Hunter covers commercial and residential real estate for BizTimes. He previously wrote for the Waukesha Freeman and Milwaukee Journal Sentinel. A recent graduate of UW-Milwaukee, with a degree in journalism and urban studies, he was news editor of the UWM Post. He has received awards from the Milwaukee Press Club and Wisconsin Newspaper Association. Hunter likes cooking, gardening and 2000s girly pop.
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Brookfield real estate investor MLG Capital announced Thursday that it has purchased three Milwaukee area apartment complexes with a total of 310 units.

The three properties had an asking price of $66.3 million, according to marketing materials from JLL, which marketed the portfolio. MLG Capital declined to disclose the purchase price.

The deal included Trostel Square apartments in Milwaukee’s Brewer's Hill neighborhood with 99 units, Norhardt Apartments in Brookfield with 72 units and Norhardt Crossing, also in Brookfield, with 139 units.

The complexes' combined 310 apartments were 96% occupied as of March, according to the marketing materials.

“We are excited to make a sizeable investment in the Milwaukee area as we know first-hand its desirability to live in and continue to see the area draw key employers and attractions,” said Daniel Price, senior vice president of MLG Capital.

The three buildings saw their average rents increase 13% since 2021, the marketing materials said.

Affiliates of Oak Brook, Illinois-based Inland Real Estate Investment Corp. sold the properties.

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