Inland Raises $27M for Milwaukee Multifamily JV

Inland Venture Partners, LLC (IVP), the private equity real estate unit of Inland Real Estate Investment Corporation, raised over $27 million for a joint venture with Kaeding Development Group, LLC on a multifamily development in Milwaukee.

Construction of the Class A, 261-unit property in Milwaukee’s third ward began in March 2023. Leasing is expected to begin in January 2025, according to the firm.

“We are thrilled to close the offering of IVP’s newest development,” said Rod Curtis, president of IVP. “The construction is currently on time and on budget. We look forward to bringing this new multifamily community to residents.”

The new development includes 60 studios, 122 one-bedroom, 66 two-bedroom, and 13 three-bedroom luxury apartments in a five-story building on three acres.

“This multifamily community answers a need in one of the hottest rental markets in the Midwest,” added Keith Lampi, president and CEO 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.”

The joint venture is the fourth investment and second ground-up multifamily development with Kaeding.

IVP has 439 multifamily units under construction and is managing a 1,227-unit value-add portfolio of manufactured housing communities, as of December 31, 2023.