For Immediate Release
MLG Capital Announces Latest Wisconsin Investment Via Series of Private Funds
Westgrove on the Lake Apartments – Waukesha, WI
January 30, 2017 – MLG Capital is pleased to announce the acquisition of a 476 unit apartment property, Westgrove on the Lake Apartments, located in Waukesha, Wisconsin, by one of its affiliated entities. MLG Private Fund III LLC, from the series of MLG Capital’s private equity funds, provided the majority of the equity for this acquisition. The property is currently ±95% occupied.
Westgrove Apartments benefit from a great location. The property is located within the Waukesha Public School District and assigned to Waukesha West High School. The property benefits from a large rental radius given strength of the local schools, proximity to local jobs, and nearby major retail corridors. The property benefits from strong population and job growth trends. Waukesha County’s population has grown ±10% since 2000, and has an unemployment rate of 3.8% which outperforms the State of Wisconsin and the national rate, respectively. This transaction was facilitated by Michael Siewert, broker/investor.
MLG Capital’s affiliated entity will be improving the property to enhance the exterior appearance, amenity package, and select unit’s interiors. MLG Capital’s affiliated entity also plans to make major investments in “green technology” at the Property. Currently, MLG Capital’s affiliated entities own or manage approximately ±8,150 apartment units nationwide.
“We are excited to acquire West Grove Apartments. We look forward to bringing MLG Capital’s methods of creating a great place to live for the local tenants. The tenants are going to love the updated community center that includes a proposed “fun zone” with a half basketball court, ping pong and pool tables, big screen TVs, shuffle board, outdoor grilling area over looking the lake, awesome kitchen and party room, new fitness center, and more fun features.” said Tim Wallen, CEO of MLG Capital
MLG Capital recently opened its third fund, MLG Private Fund III LLC, a $150 Million equity fund that is currently accepting new investors. Since the launch of its inaugural diversified fund, MLG Private Fund I LLC, in 2012, MLG Capital’s funds have active, 3rd party managed, or pending investments across 6 states consisting of 5.4 Million square feet and over 4,550 apartment units. MLG Capital’s funds target cash on cash yields of 8% with all in net returns of 13-15%/year for our investors.
Investors in MLG Capital’s various private equity funds benefit from investment in a collection of properties with both geographic diversity and property type diversity. MLG Capital focuses on investing in apartments, office, retail, and industrial properties. View more about our latest fund by visiting www.mlgcapital.com/our-investors/current-offering/
Interested prospective tenants can view more about the property at www.westgroveapts.com