MLG Capital Announces Purchase of Grove Parkview, a 268-unit multi-family complex in Stone Mountain, Georgia
MILWAUKEE, WI – April 11, 2019– 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 purchase of Grove Parkview, a 268-unit multi-family apartment complex located in Stone Mountain, Georgia, a fast growing, affluent suburb of Atlanta within the award-winning Gwinnett County School District.
MLG Capital purchased Grove Parkview off-market this month. The community features a beautiful, park-like setting with amenities such as a fully equipped fitness club, tennis courts, car care center, playground, pool, and resident clubhouse with kitchen. It will be managed and operated by entities related to MLG Capital.
“We plan to invest approximately $10,280 per unit to improve the interiors, exteriors and amenity space at the property,” said Andrew Bruce, Executive Vice President and Principal at MLG Capital.
“Gwinnett County is one of the fast-growing areas in the Atlanta area with a population of just over 900,000 which is projected to increase more than 50 percent by 2040 to a population of about 1.5 million. Grove Parkview has limited new supply risk as there are no new prospective, planned, or under construction multi-family projects within a 3-mile radius of the property. Less than two miles south of the property, a developer has proposed a new industrial development named “Project Rocket.” The development is expected to include 2.5 million square feet of warehouse space across multiple stories at the cost of over $200 million. The project is rumored to included Amazon and is expected to bring over 1,000 jobs,” said Bruce.
- The community features a fully equipped fitness club, tennis courts, car care center, playground, pool, resident clubhouse with kitchen.
- Pet friendly apartments feature private patios, decks and sunrooms, spacious walk-in closets, high speed Internet garage and storage, fully equipped kitchens 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 5/15/2019) Fund IV is already targeting to have ± 1,570,000 commercial square feet and 1,885 multifamily apartment units across 11 geographic areas with more being added. MLG Private Fund IV launched in October 2018. 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 18.3 million square feet of total space across the United States, inclusive of more than 13,200 apartment units, with exited and estimated current value exceeding $1.63 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 12/21/2018. Value is consistent of disposed of assets as well as the current internal valuation of currently held assets as of 9/30/2018. Values may not have been reviewed by an independent 3rd party and may be internal projections.
MLG Fund IV- www.mlgcaptial.com/pfiv
Investor Relations: RequestInfo@MLGcapital.com