Sale of three-property multi-housing portfolio in Milwaukee closes

CHICAGO, Oct. 31, 2023 – JLL announced today the closing of the sale of a three-property, multi-housing portfolio located within the Milwaukee area. The properties include the neighboring Norhardt Crossing and Norhardt Apartments located in the suburb of Brookfield, as well as Trostel Square located just north of downtown Milwaukee in the Brewer’s Hill neighborhood.

JLL worked on behalf of the sellers, affiliates of Inland Private Capital Corporation, an industry-leading alternative investment management firm, and procured the buyer, MLG Capital. JLL also worked on behalf of the new owner to secure fixed-rate loans through Freddie Mac Multifamily. The loan will be serviced by JLL Real Estate Capital, LLC., a Freddie Mac Optigo℠ lender.

Built in 2002, Norhardt Crossing is a 139-home apartment and townhome community that serves suburban renters by choice, while Norhardt Apartments, which was built in 1974, is a 72-home, low-rise apartment community. Operating as one community, the properties share amenities that include the clubhouse, leasing center and outdoor facilities. Norhardt Crossing, located at 1930 Norhardt Dr., and Norhardt Apartments, located at 2145 Norhardt Dr., sit adjacently in the affluent Brookfield suburb and are just 20 minutes west of downtown Milwaukee. Residents of the properties benefit from the community’s location within the #1 ranked suburb in Wisconsin with premier access to top retail and office spaces, as well as highly ranked schools. Both properties are 1.5 miles north of Brookfield’s main retail stretch on Bluemound Road, featuring Brookfield Square Regional Mall and The Corners of Brookfield.

Built in 2002, Trostel Square is a 99-unit, mid-rise multi-housing community that primarily serves urban professionals. The community features functional one- and two-bedroom floor plans, as well as a sizeable clubhouse and leasing office, convenient underground parking, a fully equipped fitness center, a business center and more. Located 1818 N. Commerce St., the property sits in the Brewer’s Hill neighborhood north of downtown. The community provides residents easy access to the Beerline B section of the Milwaukee Riverwalk, which includes breweries, parks, trails and retail.

The JLL Capital Markets Investment Sales Advisory Team was led by Managing Director Wick Kirby and Director Amanda Friant. The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Matt Schoenfeldt and Directors Mike Brady and Medina Spiodic.

JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities. Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Inland Private Capital Corporation (IPC), headquartered in Oak Brook, IL, is a member company of The Inland Real Estate Group of Companies, Inc., an industry-leading alternative investment management firm, with an investment focus spanning across a broad range of asset types. As of June 30, 2023, the firm had sponsored 310 private placement real estate offerings, with investments and developments in the multifamily, self-storage, hospitality, healthcare, student housing, retail, corporate office, senior living, and industrial sectors. Many of IPC’s offerings have been designed for investors seeking replacement property to complete an IRS Section 1031 exchange. IPC is recognized as a leading provider of securitized 1031 exchange opportunities, with assets under management (AUM) of more than $12.2 billion, which includes a diverse national footprint of properties, spanning 43 states across various sectors. Past performance is not indicative of future performance.

MLG Capital is the premier outsourced investment manager in private real estate for investment advisors, family offices and accredited high net worth individuals. Since its inception in 1987, the firm and associated entities have had active, exited, or pending investments totaling approximately ±43.6 million square feet of total space across the United States, inclusive of more than 37,100 apartment units, with exited and estimated current value exceeding $6.4 billion, as of 9/30/23. For more information about MLG Capital and its investments, visit mlgcapital.com