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Inland Closes $27 Million Capital Raise for Multifamily Offering in Milwaukee

Inland Closes $27 Million Capital Raise for Multifamily Offering in Milwaukee. Inland Venture Partners, Inland Real Estate Investment Corporation, multifamily, real estate, private equity, Milwaukee

Inland Venture Partners LLC, the private equity real estate arm of Inland Real Estate Investment Corporation, announced the completion of a more than $27 million capital raise for a joint venture multifamily development in Milwaukee. The offering is now closed.

The project was consummated through one of Inland’s joint venture partners, Kaeding Development Group LLC. Inland Venture Partners purchased the land parcel at 245 Harbor Drive in Milwaukee’s Historic Third Ward and construction of the Class A multifamily community began in March 2023. Leasing is expected to begin in January 2025.

“We are thrilled to close the offering of [Inland Venture Partners’] newest development,” said Rod Curtis, president of Inland Venture Partners. “Located within downtown Milwaukee’s Historic Third Ward, adjacent to the Henry Maier Festival Park and Lake Michigan, the construction is currently on time and on budget. We look forward to bringing this new multifamily community to residents.”

The new development will include 261 units consisting of 60 studio, 122 one-bedroom, 66 two-bedroom, and 13 three-bedroom luxury apartments in a five-story building situated on three acres. The property will feature a swimming pool and patio complete with grills, as well as a dog park, parking garage, and other high-quality amenities.

According to RentCafe, Milwaukee ranked as the second most competitive rental market in the U.S. during peak rental season in the summer of 2023. The city skyrocketed up the list from seventh place at the start of the rental season.

“This multifamily community answers a need in one of the hottest rental markets in the Midwest,” said Keith Lampi, president and chief executive officer of Inland Investments. “The asset is well-positioned for strong long-term performance due to favorable demographic demand drivers, a one-of-a-kind location, and limited competing housing options.”

This project marks the fourth investment and second ground-up multifamily development of which Inland Investments has partnered with Kaeding. The first multifamily development was The Arlow, a 144-unit Class A apartment in the heart of downtown St. Paul, Minn., delivered in September 2021. The Arlow achieved a stabilized occupancy of 95% in June 2022, and is currently 95.1% occupied as of Feb. 1, 2024.

Inland Venture Partners offers closed-end, specified-asset funds to accredited investors seeking exposure to private equity real estate and focuses on opportunistic, value-add, and development real estate strategies. As of Dec. 31, 2023, Inland Venture Partners has 439 multifamily units under development, and is operating a 1,227-unit value-add portfolio of manufactured housing communities. Inland Ventures Partners is a part of The Inland Real Estate Group of Companies Inc., one of the nation’s largest commercial real estate and finance groups.

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