For Immediate Release
MLG Capital Announces Latest Sale of Investment Property
River Road I, II, III & IV – Fridley, MN (Minneapolis, MN)
July 7th, 2017 – MLG Capital has exciting news about our latest sale! MLG Capital Private Fund II, via a JV Equity partnership with Hoyt Properties, is excited to announce the successful sale of River Road I, II, III & IV, a 270,022 SF property, located in Fridley, MN (Minneapolis, MN MSA)
Through a joint venture with Hoyt Properties, River Road I & II was acquired in 2015 & River Road III & IV in 2016, 150,000 SF & 120,022 SF, respectively. The partnership executed a value-add strategy, which included parking lot repairs and signage updates along with minor deferred maintenance. Property upgrades and strategic partnership led to leasing more than 63,000 SF throughout the respective 2-year & 1.5-year holds.
Through business plan execution the property achieved overall successes to MLG Capital Private Fund II:
- Blended occupancy growth from 69-92% through the hold
- Produced a combined 28.48% IRR to Fund II
- ±49% increase in NOI through the hold
- Blended acquisition price of $48/ft, blended sale price of $70/ft
View an overview flyer of River Road I, II, III & IV by clicking here
MLG Capital Private Funds:
The series of MLG Private Funds were formed to acquire a collection of properties seeking, 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. View more about our latest fund by clicking here.
Our third diversified fund, the MLG Private Fund III, is currently raising and deploying a targeted total of $150 Million of equity. It 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 or pending investments across 6 states consisting of 6.5 Million square feet and over 5,370 apartment units.