MLG Capital, the premier outsourced investment manager in private real estate for Investment Advisors, Family Offices and High Net Worth Individuals since 1987, announced the investment in Park Crossing. The asset is a 280-unit, class B, multi-family property located in Gwinnett County, Georgia, which is an affluent suburb of Atlanta.
MLG Capital made an investment into Park Crossing, acquired for $31.25 million, as part of a joint venture with One Real Estate Investment. The garden-style apartment community features a swimming pool, business center, playground, tennis courts, soccer court, resident clubhouse, BBQ grills, courtyards, playground and much more. It will be managed and operated by First Communities Management.
“We plan to invest into the asset and greatly enhance our tenants’ living experience. Approximately $11,500 per unit is estimated to be invested to create more contemporary interiors and upgrade the exterior and overall tenant amenities,” said Andy Bruce, Executive Vice President and Principal at MLG Capital. “This will be a nice complement to another recent investment (March 2019), Grove Parkview, which is also located in suburban Atlanta.”
“Atlanta is currently the 9th largest metropolitan statistical area in the United States and the largest in Georgia, accounting for over half of the state’s population. The area has a healthy economy, low unemployment rate, and availability of jobs. In fact, Atlanta’s employment growth measured 2.4% in 2018, an increase of over 69,300 jobs. At the core of the Atlanta economy is Hartsfield-Jackson International Airport, the busiest airport in the world, which supports companies like UPS and other Fortune 500 companies, like Kroger,” said Bruce.
- MLG Capital invested into Park Crossing in May 2019 via joint venture with One Real Estate Investment. The joint venture acquired the property for $31.25 million.
- The community features swimming pool, business center, playground, tennis courts, soccer court, resident clubhouse, BBQ grills, courtyards, playground, and more.
- Amenities include washer/dryer connections, individual storage units, balcony or porch, ceiling fans, sunroom with skylights, vaulted ceilings, fully equipped kitchens, spacious walk in closets, and more.
MLG Capital is currently raising its fourth private real estate investment fund, MLG Private Fund IV LLC*, a targeted $200 million equity fund that is accepting new accredited investors through March 31, 2021. 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. Combining current investments and pending deals (anticipated to close by 6/30/2019) Fund IV is already targeting to have ± 1,535,000 commercial square feet and 2,515 multifamily apartment units across a dozen or so geographic areas with more being added montly. MLG Private Fund IV launched in October 2018.
Along with MLG Private Fund IV, the “MLG 1099 Dividend Fund IV” is a parallel fund that enables retirement fund, foundation and endowment investors access to private real estate while targeting to eliminate unrelated business taxable income (UBTI) and multi-state filings.
Since the inception of MLG Capital in 1987, the firm, and entities associated, have had active, exited, or pending investments totaling approximately 19.1 million square feet of total space across the United States, inclusive of more than 14,083 apartment units, with exited and estimated current value exceeding $1.765 billion*
MLG Capital’s series of funds target cash on cash yields, quarterly distributions, and appreciation over time for investors in a tax efficient manner.
Read more about MLG Capital by visiting their blog: www.mlgcapital.com/happenings
* This release is for informational purposes only and is qualified in its entirety by reference to the Confidential Private Placement Memorandum (as modified or supplemented from time to time, the “Memorandum”) of MLG Private Fund IV LLC (the “Main Fund”) and MLG 1099 Dividend Fund IV LLC (the “Parallel Fund,” and together with the Main Fund, the “Fund”), the limited liability company agreements (the “LLCAs”) of the Main Fund and the Parallel Fund, each as may be amended and/or modified form time to time, and a subscription agreement related thereto, copies of which will be made available upon request and should be reviewed before purchasing a Units in the Fund. This release is not intended to be relied upon as the basis for an investment decision, and is not, and should not be assumed to be, complete. The contents of this release are not to be considered as legal, business or tax advice, and each prospective investor should consult its own attorney, business advisor and tax advisor as to legal, business, and tax advice. This release does not constitute an offer or solicitation in any state or other jurisdiction to subscribe for or purchase limited partnership interests in an offering. Recipients of this release agree that the manager and offerings, its affiliates and their respective partners, members, employees, officers, directors, agents, and representatives shall have no liability for any misstatement or omission of fact or for any opinion expressed herein. An investment into a private offering is subject to various risks, none of which are described herein.
*As of 5/15/2019. Consistent of sales price & estimated current value (rounded), includes pending acquisition. Valuations may be internally prepared.
MLG Fund IV- www.mlgcaptial.com/pfiv
Investor Relations: RequestInfo@MLGcapital.com