MLG Capital has purchased Market Square, a 330-unit multifamily community in Kenosha, Wis. The property was last owned by Bear Real Estate Group, according to Yardi Matrix data.
In 2018, the previous owner financed the asset with a $32.6 million CMBS loan, with a 4.71 percent fixed rate, provided by U.S. Bank and originated by Citibank. In 2020, an additional $4.6 million CMBS loan, at a 5.8 percent rate, was provided by the same lender and originator, the same data provider shows. Both loans have a 2028 maturity date.
Completed in two phases—in 2017 and 2019—the community comprises one-, two- and three-bedroom floorplans ranging from 577 to 1,256 square feet. Apartments feature in-unit washers and dryers, central A/C and heating and private balconies or patios, along with technology packages for select layouts. Common-area amenities include a fitness center, swimming pool, playground and dog park.
Located at 3100 Market Lane, the property is off Highway 31, close to Interstate 94 and roughly 36 miles south of Milwaukee. In its proximity there are numerous retail and dining options along Green Bay Road, as well as a Walmart Supercenter.
The transaction was the 64th acquisition through the buyer’s Legacy Fund, which surpasses $1 billion in assets. MLG Capital owns more than 3,300 units in the state of Wisconsin, part of its 36,500-unit national portfolio, valued at more than $6.1 billion. Recently the company has acquired a 232-unit community in San Antonio, through another private fund.
