Midloch Investment Partners closed its second “value fund” (Midloch Value Fund II) to new investors after raising $60 million. This comes after the recent sale of its Last Mile Penn industrial property in Minneapolis and the acquisition of three multifamily properties in Wisconsin.

Now, Midloch intends to launch its third value fund (Midloch Value Fund III), targeting $75 million of equity to be invested in well-located multifamily and commercial properties in the Midwest. The total capital targeted for raise and investment by Midloch through its three value funds is $165 million.

So far, based on investments that have been fully realized, Midloch Value Fund II has generated an IRR to investors of 45%. Midloch generally targets total returns of 14-18% annually.

With offices in Chicago, Milwaukee, and Minneapolis, Midloch is principally focused on the Midwest but has made a number of investments in other markets, from the Southeast to the Sunbelt to the Mountain West.