MLG Capital, a Wisconsin-based real estate investor, paid nearly $73 million for Meadows at River Run, a 374-unit complex located at 350 Whitewater Drive in Bolingbrook, Illinois. MLG Capital purchased the property from a venture of Philadelphia-based Independence Realty Trust for $72.7 million, or more than $194,000 per unit, reported Crain’s.
The apartment complex was built in 2001, and it last traded hands in 2015, when Independence Realty Trust bought it for $58.5 million. MLG Capital financed the deal with a $47.1 million Freddie Mac loan arranged by Northmarq, according to the outlet.
The acquisition marks MLG Capital’s entry into the Chicago area’s multifamily market. The firm owns an industrial property in Alsip and a flex building in Schaumburg. The Meadows at River Run is located near Naperville, in close proximity to entertainment areas and Interstates 55, 355 and 88.
