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Concierge Apartments

Class B, mid-rise apartments located in the growing Twin Cities MSA. This asset features a full amenities set including a fitness center, volleyball court, tennis court, swimming pools and more.

  • StatusSold
  • Units698
  • Built1968
  • LocationRichfield, MN

Overview

MLG Private Funds I and II, along with a co-investment entity, sold the property in November 2018. Fund I originally invested $1,500,000 into the asset for the purchase. With prior quarterly distributions and sales proceeds, Fund I will achieve approx. $4,500,000 in total cash flow.

Fund II originally invested $9,500,000 into the asset for the purchase. With prior quarterly distributions and sales proceeds, Fund I will achieve approximately $28,000,000 in total cash flow.

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Deal Details

  • Acq. Occ.98%
  • Exit Occ.99%
  • Acq. $/Unit±$59k
  • Exit $/Unit±$136k

Summary

  • Purchase Price±$41,000,000
  • Sale Price$95,100,000
  • Fund I IRR±45%*
  • Date AcquiredSeptember 2015
  • Date SoldNovember 2018
  • Fund I Equity Multiple3.01x**

*Fund IRR is the interest rate at which the net present value of all Fund contributions into the investment
and distributions from the investment equal zero.
** Fund Multiple is calculated by taking the total distributions to the Fund from the investment divided by
the total Fund contributions into the investment.

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