CHICAGO, IL - Midloch Investment Partners and Hempel Real Estate have acquired The Oscar apartments, a 240-unit Class A multifamily rental community near downtown Sheboygan, Wisconsin. (Sheboygan is north of Milwaukee on Lake Michigan.) The property has a new mortgage loan from Bridgewater Bank of Minneapolis.
Completed in 2021, The Oscar offers a mix of spacious one, two, and three-bedroom apartments across three buildings, and includes underground temperature-controlled parking, in-unit washers and dryers, stainless steel appliances, granite countertops, and contemporary cabinetry. The clubhouse features a fitness center, community room, bike storage, and a pet spa. Outdoor amenities include an outdoor grilling area and patio with a fire pit.
The property is approximately 70% leased. Harmoniq Residential, based in Milwaukee, is now managing and leasing The Oscar. Harmoniq also manages Harbor Estates apartments in Sheboygan, a garden-style property with 186 units that are co-owned by Midloch and Harmoniq.
Commenting on the acquisition, Andy Sinclair, CEO and Principal of Midloch, said: “The Oscar is a high-quality property in a highly stable secondary market we know well. With quality local management and additional investments in the already robust amenity set, we expect The Oscar to lease up nicely and perform well over time as we realize its full value-add upside potential.”
About Midloch Investment Partners: Midloch Investment Partners, based in Chicago with offices in Milwaukee and Minneapolis, is a real estate investment firm, operator, and fund manager. Midloch focuses on the small to middle market, typically investing in properties valued between $5 million and $50 million. Midloch invests in multifamily, industrial, retail, and office properties, partnering with local developers and operators using a value-add strategy. Midloch seeks individual investors, family offices, joint-venture partners, and RIAs to invest alongside the company in Midloch funds or other co-investment vehicles. Investors interested in learning more should visit www.midloch.com