An investment fund created by Brookfield-based MLG Capital has purchased the Frederick Lofts apartments in the former Pabst Brewery complex for $16 million.
The property, which consists of 100 luxury high-end apartments at the northeast corner of North Ninth Street and West Juneau Avenue, is part of the redeveloped brewery complex that also consists of hotels, restaurants and offices. MLG Capital bought the apartment building on Thursday from Gorman & Co. The Oregon, Wisconsin-based company was the developer of that project.
“We’re really excited about buying this Class A property in this exciting brewery neighborhood,” said Andy Bruce, principal with MLG Capital.
He added the apartments represented an opportunity for investors to own a piece of real estate in an exciting area of downtown Milwaukee.
Directly east of the redeveloped brewery complex is the Fiserv Forum and related developments centered around the Milwaukee Bucks’ new arena.
Bruce said the firm hasn’t purchased a Milwaukee property in at least five years. This is also the first Milwaukee apartment complex acquired by MLG Capital; Bruce noted it does own some multifamily properties in Waukesha, as well.
MLG Capital’s Private Fund III acquired the apartment building. That fund closed last year, and the firm is currently raising money for its fourth fund. Bruce said MLG will be taking subscriptions on the new fund for another year and a half, but it has already acquired five properties and has three or four that are in the pipeline.
