Wisconsin-based real estate investor, MLG Capital, recently acquired Meadows at River Run in Bolingbrook, Illinois for $73 million. The 374-unit complex located at 350 Whitewater Drive was purchased from a venture of Independence Realty Trust for $72.7 million or over $194,000 per unit. According to Crain’s and the Real Deal Chicago , the property was built in 2001 and last sold in 2015 for $58.5 million.
MLG Capital financed the deal with a Freddie Mac loan of $47.1 million arranged by Northmarq as reported by sources.
This acquisition marks MLG Capital’s entrance into Chicago’s multifamily market as they currently own an industrial property in Alsip and a flex building in Schaumburg. Located near Naperville with easy access to entertainment areas and major interstates such as I-55, I-355, and I-88; Meadows at River Run offers convenient living options.
The article “MLG Capital Buys Suburban Apartment Complex for $73M” showcases MLG Capital’s successful investment strategy without mentioning specific locations or brands associated with their company.
