Brookfield, Wis. (October 28, 2020) – MLG Capital announced today the acquisition of Pinewood at National Hills located at 1075 Bertram Road in Augusta, Ga. The 160-unit multi-family apartment complex was built in 1983 and is a Class B property. The property was acquired in an off-market transaction partnership with The Sterling Group, a real estate investment management group with local expertise in the Augusta market.
“Our joint venture acquisition strategy involves purchasing income-producing multifamily assets in high-growth markets that are priced under market value, and we partner with strong real estate firms that have local and regional expertise to grow and manage the assets,” said Mike Slinde, Assistant Vice President of Private Equity at MLG Capital.
According to Slinde, the Pinewood at National Hills property presented an excellent opportunity for both organizations as it has great value-add potential and because The Sterling Group was looking to expand its presence in the Augusta area.
Pinewood at National Hills is the first property investment by MLG Capital in Augusta and its third in Georgia, bringing MLG’s owned number of units in the state to more than 700. MLG Capital plans to invest in The Pinewood property, upgrading its interior, exterior and amenities to strongly position it among surrounding properties.
“The Augusta market is one that flies under the radar often; but has a lot of growth potential. Its military and defense presence, medical district which boasts the only public medical school in Georgia, Minor League baseball and close proximity to Atlanta and Charlotte, make the area particularly attractive,” said Josh Miller, Vice President of Investments for The Sterling Group. “We’re predicting significant growth for the Augusta market in the next three to five years.”
The Pinewood opportunity was presented by Cushman & Wakefield, which has worked with The Sterling Group on other deals and is a firm with which the private equity team at MLG Capital is familiar.
Pinewood at National Hills is located just off I-20 in Augusta and is situated in a neighborhood among restaurants and retailers. The property is one mile west of Augusta National Golf Club, one of the most exclusive golf clubs in the world.
Key features of the property include:
Spacious one, two and three-bedroom units
Wood flooring, tile kitchen backsplashes, private patios and balconies and in-unit washers and dryers
Clubhouse, dog park, newly renovated fitness center, playground and swimming pool
The series of MLG Private Funds were formed to acquire a geographically diverse portfolio of commercial real estate, primarily consisting of multifamily, industrial, retail and office opportunities located in strategically identified areas throughout the United States.
About MLG Capital
MLG Capital is a premier outsourced investment manager in private real estate for investment advisors, family offices and high net worth individuals. Since its inception in 1987, the firm and associated entities have had active, exited, or pending investments totaling approximately 24 million square feet of total space across the United States, inclusive of more than 19,300 apartment units, with exited and estimated current value exceeding $2.5 billion. MLG Capital targets to acquire between $400 and $500 million in commercial real estate annually; with approximately half of those acquisitions involving strategic partners. For more information about MLG Capital and its investments, visit the firm’s news room.
About The Sterling Group
The Sterling Group, founded in 1976, develops, constructs, acquires and manages investment quality real estate, specializing in multi-family apartment homes, senior communities, student housing and storage facilities. Sterling Management, Ltd. has over 30 years of experience assisting owners in achieving both physical and financial goals for their assets. Sterling Management oversees an expansive portfolio of multi-family communities and storage facilities across the United States. In addition, it also provides fee management services.
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 9/30/2020. Value is consistent of disposed of assets as well as the current internal valuation of currently held assets as of 9/30/2020. Values may not have been reviewed by an independent 3rd party and may be internal projections.