For Immediate Release
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MLG Capital Announces Latest Acquisition
Oasis at Bayside – Largo, FL (Tampa MSA)
Milwaukee, WI- September 20th, 2016 – MLG Capital is pleased to announce the purchase of Oasis at Bayside Apartments, a 304 unit Class B multifamily property located in Largo, FL (Tampa MSA). The property is approximately ±95% occupied at acquisition.
The property benefits from strong occupancy in a growing market. Tampa’s population is expected to grow by 5.3% over the next five years. MLG Capital plans to do extensive upgrades to improve the exterior, interiors, and overall curb appeal of the property. These upgrades will enhance the property’s position in the sub-market. Current amenities include a 24-Hour Fitness Center, Dog Park, and a resort-style swimming pool.
Upon acquisition, the ownership group assumed a loan, that at acquisition, is approximately 51% loan-to-cost which will allow flexibility throughout the hold period.
MLG Capital Private Funds:
The series of MLG Private Funds were formed to acquire, directly or indirectly, a geographically diverse portfolio of commercial real estate. Primarily consisting of Commercial Class B multifamily properties, Industrial, Retail, Office, and other opportunistic opportunities located in strategically identified areas throughout the United States. MLG Capital is a sponsor of private real estate equity funds. Investors in MLG Capital funds benefit from investment in a collection of assets with both geographic diversity and property type diversity.