Financial News
Seven Recent Acquisitions Grow MLG’s Footprint to More Than 22,300 Units Nationwide
Properties spanning the country are MLG Capital's most recent ‘smart deal' acquisitions
BROOKFIELD, WI / ACCESSWIRE / July 13, 2022 / MLG Capital today announced it completed seven acquisitions in Q2 2022. The acquisitions consisted of one industrial asset and six multifamily assets, one of which is mixed-use, and are located in Iowa, Minnesota, Ohio, Oklahoma, New Mexico, Illinois and North Carolina. The acquisitions add more than 1,800 units and nearly 1.9 million square feet to MLG's portfolio that currently spans 17 states. With the closing of these recent deals, MLG has had active, exited or pending investments totaling approximately 36.1 million square feet of total space across the U.S., with exited and estimated current value exceeding $5 billion.
"We are proud of the team's hard work within a very competitive market to identify and acquire several properties that provide the best value to our investors," said Dan Price, vice president at MLG Capital. "Our ‘smart deal' fund acquisition strategy targets diverse, income-producing multifamily and commercial properties where we can produce the best risk-adjusted returns for our investors. These recent property acquisitions, in particular, will benefit from a value-add strategy to grow operating income through the execution of interior and exterior property improvements."
Among the recent acquisitions include:
- Springbrook Apartments (111 83rd Ave NE, Fridley, Minn.) - a 361-unit suburban property featuring a garden-like setting and strong amenity set, located in a desirable area near a nature preserve. MLG plans to refurbish and modernize the property, which was originally built in 1987 and has been largely unrenovated.
- West Glen Town Center (5465 Mills Civic Pkwy, West Des Moines, Iowa) - a 154-unit apartment building located in a mixed-use development featuring retail and office properties. The multifamily building is located in the heart of West Des Moines, a community that continues to be a leader in development and desirability.
- Silver Springs Apartments (6112 S 87th E Ave, Tulsa, Okla.) - a 272-unit property featuring spacious apartments in a highly desirable area, close to shopping, dining and other Tulsa attractions.
- Summit Village Apartments (199 Wind Rd, Greensboro, N.C.) - a 276-unit apartment building originally built in 1985. MLG sourced this deal off-market and plans to invest in a number of interior improvements to modernize the units.
- A two-property portfolio totaling 529 units in the Northeast submarket of Albuquerque. The firm plans to conduct interior and exterior renovations to both properties.
The new multifamily properties acquired bring MLG's owned number of units to approximately 916 in Iowa, 748 in Minnesota, 304 in Ohio, 2,500 in Oklahoma, 1,265 in New Mexico and 812 in North Carolina.
MLG Capital has been acquiring assets since 1987. Since 2012, the firm has operated under multiple fund strategies, providing investors the opportunity to participate in portfolios of assets rather than individual deals. MLG's property acquisitions focus on geographic, asset class and asset type diversification. The firm opened its MLG Private Fund VI in May 2022 with an equity raise goal of $400 million.
![MLG Capital, Wednesday, July 13, 2022, Press release picture](https://www.accesswire.com/users/newswire/images/708430/summit-village-apartments-greensboro-nc-primary-photo.jpg)
About MLG Capital
MLG Capital is the premier outsourced investment manager in private real estate for investment advisors, family offices and accredited high net worth individuals. Since its inception in 1987, the firm and associated entities have had active, exited, or pending investments totaling approximately ±36.1 million square feet of total space across the United States, inclusive of more than 31,000 apartment units, with exited and estimated current value exceeding $5 billion, as of 6/30/22. For more information about MLG Capital and its investments, visit the firm's newsroom.
For more information, contact:
Katie Whitlock, Public Relations
Laughlin Constable
kwhitlock@laughlin.com
414-305-5927
This release does not constitute an offer to sell an investment in a security. Offers to sell an investment in a security can only be made to a qualified purchaser by delivery of a Confidential Private Placement Memorandum (the "Memorandum"), any supplements to the Memorandum and accompanied by a Subscription Document Booklet. The information contained in this release may be preliminary in nature and may have not been independently verified by MLG Capital or its affiliates. The recipient of this release should consult with its own investment, tax and/or legal professionals about the merits of the investment. MLG Capital does not make any representation or warranty as to the accuracy or completeness of any information presented in this release. Any financial information or projections may be initial estimates and may be subject to change without notice to recipient. An investment into a private offering is subject to various risks, none of which are described herein. All figures as of 3/31/2022. Value consists of disposed of assets as well as the current internal valuation of currently held assets as of 3/31/2022. Values may not have been reviewed by an independent 3rd party and may be internal projections.
SOURCE: MLG Capital
View source version on accesswire.com:
https://www.accesswire.com/708430/Seven-Recent-Acquisitions-Grow-MLGs-Footprint-to-More-Than-22300-Units-Nationwide
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