For Immediate Release
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MLG Capital Announces Latest Acquisition
Chatham Court and Reflections Apartments – Dallas, TX
Dallas, TX – May 11, 2016 – MLG Capital (“MLG”) is pleased to announce the purchase of Chatham Court and Reflections Apartments (“The Property”), a 494 unit residential apartment property. The property is currently ±96% Occupied.
Chatham Court and Reflections Apartments benefits from a great location in Dallas in the Plano Independent School District. The property is able to draw tenants from a large radius given the local schools, as well, as its proximity to University of Texas at Dallas and the CityLine Development. The University of Texas at Dallas had an enrollment of approximately 24,500 students as of 2015. Additionally, the ±$1.5 billion CityLine development will create thousands of jobs: including State Farm (±8,000 est. workers) and Raytheon (±1,700 est. workers) which are estimated to be completed in 2016.
MLG Capital will be re-investing into the property to improve the interior units, exterior appearance, and amenity package. Interior improvements for some units will include new cabinets, new vinyl flooring, upgraded lighting, and new appliances. Exterior renovations will include new hardie planking siding, paint, and improved balconies. MLG also plans to upgrade the amenity package which includes upgrading the fitness center, new dog park, upgraded pool area, and a new gate at the entrance.
MLG Capital is an independent company of the MLG companies based in Milwaukee, WI and offers real estate investment services. MLG Capital invests in multifamily, office, retail, and industrial properties across the country. MLG has acquired over 7,700 multi-family units and approximately 9.6 million square feet of investment property. MLG Capital owns or third party manages approximately 5,000 units in Dallas, TX under its affiliate property management company, Settlement Investment Management Corporation (“SIMC”).