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.