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.