Brookfield, Wis (January 14, 2021) MLG Capital announced today it completed two opportune multi-family asset purchases in Iowa and North Carolina. This marks a milestone of having owned or sold more than 20,000 apartment units nationwide since the firm’s beginning in 1987. With the closing of these deals at year end 2020, MLG has also topped $2.7 billion in historic market value of assets currently held, sold or pending acquisition, encompassing more than 25.4 million square feet of property across 18 states.
“Reaching any significant milestone as a company is exciting as it validates the hard work, expertise and passion of our professionals, and we are thrilled with these new, strategic acquisitions that fueled this latest growth spurt for a strong start in 2021,” said Billy Fox, CPA, Vice President at MLG Capital.
The Des Moines, Iowa, purchase includes three apartment complexes, Alice Patricia (720 NE Alice’s Rd., Waukee, IA 50263), Sterling Pointe (10509 Dorset Dr., Johnston, IA 50131) and Johnston Heights (6120 NW 106th St., Johnston, IA 50131). Built between 2013 and 2020, the Class A properties collectively have 540 units and nearly 600,000 square feet. The three-property sale was acquired via partnership with ARTISAN Capital Group, a multi-family investment management partner with local expertise in the Des Moines market.
“These Iowa properties are well-positioned for the future as they are located within two desirable markets in greater Des Moines and are served by highly rated school districts,” said Nathan Clayberg, newly appointed Assistant Vice President at MLG Capital. “By partnering with a local firm like ARTISAN, we can tap regional knowledge and expertise to best identify, vet and select those top multi-family opportunities for investment.”
The Charlotte, North Carolina, acquisition by MLG was The Avalon Apartments (6000 Regal Estate Lane, Charlotte, NC 28212), a Class B, 240-unit multi-family property that was built in two phases from 1999 to 2002. The apartments are located just 15 minutes from downtown Charlotte, which has seen its population grow at three times the national rate – increasing 17.2% between 2010 and 2019, according to the U.S. Census. Adding further value and promise, the apartment complex is positioned adjacent to a Crosland Southeast property that the city approved for a Major League Soccer headquarters and mixed-use development.
“Charlotte is a young city experiencing exponential growth year over year,” said Mike Slinde, Assistant Vice President of Private Equity at MLG. “That growth and this ideal location adjacent to future, exciting entertainment and lifestyle offerings made this addition to the MLG portfolio very enticing.”
MLG Capital partnered with One Real Estate Investments, a real estate investment and asset management company with presence in the Charlotte market, to acquire The Avalon Apartments asset.
“OREI is pleased to conduct our second transaction with MLG and our third acquisition in the Charlotte market. We continue to expand our footprint across Texas and Southeast and benefit from working with excellent capital partners,” said Jeronimo Hirschfeld, President and CEO of One Real Estate Investment.
The purchased properties bring MLG’s owned number of units to approximately 760 in Iowa and establishes its presence in North Carolina with 240 units owned.
Key features of the properties in Des Moines, Iowa, include:
Community amenities such as a resident clubhouse, fitness center, playgrounds and basketball court
Spacious 2- and 3-bedroom apartments
Garages, in-unit washers and dryers, and patios/balconies
Key features of the Avalon Apartments in Charlotte, North Carolina, include:
Community amenities such as a clubhouse, fitness center, basketball and tennis courts, playground and business center
Spacious 1-, 2- and 3-bedroom apartments
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 25.4 million square feet of total space across the United States, inclusive of more than 20,000 apartment units, with exited and estimated current value exceeding $2.7 billion, as of 12/31/2020. 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 on these figures and about MLG Capital and its investments, visit the firm’s newsroom.
About ARTISAN Capital Group
A Multi-Family Investment Manager, providing acquisition, due diligence, asset management and construction oversight services to its capital partners. Co-Founded by Ryan Cahalan and Mike Perry, ARTISAN’s fundamental strategy is to provide superior risk-adjusted returns by focusing on dynamic apartment markets that are overlooked by institutional capital sources. ARTISAN identifies apartment markets with strong underlying fundamentals in smaller population centers where our competition places undue bias. True to the origins of its name, ARTISAN Capital Group believes that high-quality investments can and do exist in smaller markets. For more information, visit www.ARTISANcapitalgroup.com.
About One Real Estate Investments
Founded in 2001, One Real Estate Investment (“OREI”) is a privately owned, Miami-based real estate investment and asset management company. OREI is a disciplined investor, manager, and operator focused on acquiring multifamily assets in the Southeast United States and Texas. The firm’s expertise is in executing and managing a strategic asset repositioning, amenity upgrade, and operational optimization programs to maximize value for its tenants, investors, and communities in which it invests.
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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 Prviate 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 12/31/2020. Value consists of disposed of assets as well as the current internal valuation of currently held assets as of 12/31/2020. Values may not have been reviewed by an independent 3rd party and may be internal projections.