JLL Closes Sale of Three-Property Multi-Housing Portfolio in Milwaukee

JLL Capital Markets procured the buyer and arranged the acquisition financing for Norhardt Crossing, Norhardt Apartments and Trostel Square, totaling 310 multi-housing units.

Norhardt Crossing
Built in 2002, Norhardt Crossing is located at 1930 Norhardt Drive and consists of 139- apartments and townhomes.

JLL announced 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.

Trostel Square
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.
Norhardt Apartments
Norhardt Apartments, which was built in 1974, is a 72-home, low-rise apartment community. Located at 2145 Norhardt Drive adjacent to the affluent Brookfield suburb, they are just 20 minutes west of downtown Milwaukee.

Operating as one community, the Norhardt properties share amenities that include the clubhouse, leasing center and outdoor facilities. 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.

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.

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.