Purchase Highlights:
MLG Capital purchased Frederick Lofts for approximately $16 million
A superior amenity package features a yoga room, resident clubhouse, fitness center, conference rooms, media room, rooftop deck with BBQ, elevator, bike rack and storage, underground parking, controlled building access, high speed internet and 24-hour emergency service.
MLG Capital purchased Frederick Lofts off-market for $16 million this month. The 270,473 square foot, 100-unit property will be managed and operated by entities related to MLG Capital and features amenities such as a resident clubhouse, fitness center, yoga room, media room, underground parking and a roof top deck with BBQ area.
“We plan to invest capital to maintain the class A interior of the 100 units, each of which has an open loft layout, fully equipped kitchen, granite counter tops, breakfast bar, walk-in closets, central air conditioning and more,” said Andy Bruce, Executive Vice President and Principal at MLG Capital.
“There have been a number of new developments in Milwaukee that position Frederick Lofts as an ideal place to call home. The area hosts corporate headquarters of seven Fortune 500 companies and is ranked second in Fortune 500 companies per capita when compared to the ratios of the 25 largest metro-areas. In addition, the unemployment rate in Milwaukee is 3.0%, below the national unemployment rate 3.7%, the population has increased 26% and median household incomes have increased by 38% since 2000. Most impressive, perhaps, is that $1.7 billion in investment has taken place downtown in the same timeframe,” said Bruce.
