Brookfield, Wis. (May 31, 2022) – MLG Capital today announced its acquisition of the Summit Village multifamily property located at 199 Wind Road in Greensboro. The 198,500-square-foot property includes 276 studio, one- and two-bedroom apartment units. The firm plans to invest in a number of interior improvements to modernize the units, which were originally built in 1985.
“Greensboro is a desirable investment market due to sustained job and population growth,” said Terry Wallen, Associate Vice President at MLG Capital. “MLG’s acquisition strategy enabled us to source this deal off-market and avoid what would certainly have been a competitive bidding process. This deal will provide enhanced diversification for our Fund and we believe it will contribute meaningfully towards achieving and hopefully exceeding our targeted returns.”
MLG Capital has been acquiring assets since 1987, and since 2012, the firm has operated under a fund strategy, providing investors the opportunity to participate in portfolios of assets rather than individual deals. MLG’s residential property acquisitions focus on geographic, asset class and asset type diversification. The firm opened its MLG Private Fund VI in May with an equity raise goal of $400 million.
Summit Village is the 1st property investment by MLG Capital in the Greensboro area and its 3rd in North Carolina, bringing MLG’s historically owned number of units in the state to more than 812 units.
Key features of the Summit Village property include:
Outdoor swimming pool
About MLG Capital
MLG Capital is the premier outsourced investment manager in private real estate for investment advisors, family offices and accredited individuals. Since its inception in 1987, the firm and associated entities have had active, exited, or pending investments totaling approximately ±35 million square feet of total space across the United States, inclusive of more than 30,000 apartment units, with exited and estimated current value exceeding $4.7 billion, as of 3/31/2021. For more information about MLG Capital and its investments, visit the firm’s newsroom.
For more information, contact:
Katie Whitlock, Public Relations
This release does not constitute an offer to sell an investment in a security. Offers to sell an investment in a security can only be made to a qualified purchaser by delivery of a Confidential Private Placement Memorandum (the “Memorandum”), any supplements to the Memorandum and accompanied by a Subscription Document Booklet. The information contained in this release may be preliminary in nature and may have not been independently verified by MLG Capital or its affiliates. The recipient of this release should consult with its own investment, tax and/or legal professionals about the merits of the investment. MLG Capital does not make any representation or warranty as to the accuracy or completeness of any information presented in this release. Any financial information or projections may be initial estimates and may be subject to change without notice to recipient. An investment into a private offering is subject to various risks, none of which are described herein. All figures as of 3/31/2022. Value consists of disposed of assets as well as the current internal valuation of currently held assets as of 3/31/2022. Values may not have been reviewed by an independent 3rd party and may be internal projections.