For Immediate Release
MLG Capital’s Private Fund III Announces Latest Investment
Landings at Carrier Parkway (281 Units – Dallas, TX MSA)
MILWAUKEE, WIS.. May 23rd, 2018 – MLG Capital is excited to announce the strategic investment into Landings at Carrier Parkway, a 281-unit multifamily property. The asset is located in the Dallas, TX MSA.
Landings of Carrier Parkway is a class B+, garden-style multifamily property built in 2001, It is located near State Highway 161 in Grand Prairie, TX, positioning residents equidistant between Dallas and Fort Worth. According to Costar data, the 5-mile surrounding population growth over the next 5 years is projected to be ±6.6%.
Grand Prairie is also known as an industrial powerhouse with 55M SF of industrial space and another 4M SF under construction/planned. This benefits the property by supporting more than 20,000 jobs located within an eight-minute drive. (Source: Marty Wieder – Director of Economic Development Grand Prairie)
The property is extremely well maintained and has little to no deferred maintenance as of acquisition.
The asset is currently ±95% occupied upon acquisition. MLG Capital believes that the asset is being acquired below the cost of new construction, combined with upside potential from growth in operating income by the execution of a renovation strategy to enhance the assets interior and exterior.
“We are excited about the addition of The Landings property to our portfolio” said Ryan Mueller, Vice President of Acquisitions at MLG Capital. “This asset offers our Fund investors a unique opportunity to invest in a newer asset located in a high growth primary market such as Dallas at a fraction of replacement cost.”
MLG Capital is currently on its third fund, MLG Private Fund III LLC*, a $150 Million equity fund that is accepting new accredited investors through Summer of 2018. 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 multifamily properties, Industrial, Retail, Office, and other opportunistic opportunities located in strategically identified areas throughout the United States.
Since the inception of MLG Capital in 1987, the firm and entities associated had active, exited, or pending investments of approximately 15 million square feet of total space across the United States, inclusive of more than 11,000 apartment units, with exited and estimated current value exceeding $1.3 billion**
MLG Capital’s series of funds target cash on cash yields, quarterly distributions, and appreciation over time for investors. Read more about MLG Capital by visiting : www.mlgcapital.com/happenings
*Offers to sell an interest in an offering of MLG Capital or affiliates will only be made to a qualified purchaser by the delivery of the confidential private placement memorandum and current supplement, accompanied by a subscription document booklet. Please reference MLG Private Fund III LLC Confidential Private Placement Memorandum and current supplements for full details.
**as of 5/23/2018. Value is consistent of disposed of assets as well as the current internal valuation of currently held assets as of 12/31/2017. Values may not have been reviewed by an independent 3rd party and may be internal projections. .
Investor Relations: Kathleen Pecard, Investor Relations Manager, Kpecard@mlgcapital.com