For Immediate Release
Andy Sinclair, Vice President, MLG Capital
MLG Capital’s Private Funds II & III Announce Latest Acquisition
Mercer Crossing Apartments– Farmer’s Branch, TX (Dallas-Fort Worth MSA)
June 29, 2017 – MLG Capital is pleased to announce MLG Private Funds II & III’s investment in the acquisition of a 509 unit multifamily property, Mercer Crossing, located in Farmer’s Branch, TX. The property is currently ±90% occupied.
Mercer Crossing benefits from a phenomenal location within the Dallas-Fort Worth MSA (“DFW”). The property benefits from strength of the local schools and proximity to local jobs. The property is located two miles east of Las Colinas, one of the largest office parks in the DFW market with approximately ±35.1 million rentable square feet and global headquarters to six Fortune 500 companies. Additionally, Mercer Crossing is three miles from South Stemmons Corridor, DFW’s third largest industrial market that contains ±79 million square feet of space. The property has easy access to four major highways: Interstate 635, Interstate 35E, Highway 114, and George Bush Turnpike, and is just 10 minutes away from both DFW International Airport and Dallas Love Field.
The Dallas-Fort Worth MSA has seen incredibly strong job growth as the job growth rate continues to outpace the national average by more than 50%. Since 2013, DFW is second only to New York City in job growth. The strong job climate, along with a significant increase in population, provides an excellent opportunity for a multifamily property in this location.
MLG’s affiliate management company, SIMC Property Management LLC, will professionally manage and lease Mercer. SIMC’s management expertise will provide tenants with the type of superior experience that is associated with a Class A+ property.
Craig Lashley, Principal of MLG Capital, said “We are very excited about the Mercer Crossing acquisition. The quality of construction and location of this asset is unrivaled by the competitors in the market. We look forward to adding value with our local operating expertise and tenant centric management approach.”
MLG Capital recently opened its third fund, MLG Private Fund III LLC, a targeted $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 5.9 Million square feet and over 5,065 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 http://www.mercercrossing.net/