RACINE, WIS. — Northmarq has arranged the $23 million sale of and acquisition financing for Douglas Terrace Apartments in Racine. Northmarq’s Chicago-based investment sales team led by Alex Malzone, Parker Stewart, Dominic Martinez and Jake Lamb represented seller Wisconsin-based MLG Capital. The buyer was a private capital group from Illinois. A debt and equity team led by Brett Hood and Kevin McCarthy arranged an $18.3 million Fannie Mae loan for the buyer. Douglas Terrace Apartments is a 202-unit garden-style community located at 3706 Douglas Ave. Built in 1966 and renovated in 2020, the property features a mix of studio, one-, two- and three-bedroom floor plans and amenities such as a pool and playground, a picnic area, on-site management and maintenance, laundry facilities, a dog park, and garage as well as off-street parking.
MLG Capital has sold the 202-unit Douglas Terrance Apartments in Racine, Wis., for $23 million. The property was built in 1966 and renovated in 2020.
MLG Capital Sells Douglas Terrace in Racine, Wisconsin, for $23M
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