November 13, 2019
MLG Capital Sells The Park At Forest Hill in Memphis, Tennessee
MLG Capital, the premier outsourced investment manager in private real estate for Investment Advisors, Family Offices and High Net Worth Individuals since 1987, in partnership with Continental Realty Group, through its subsidiary Continental Realty Assets, Ltd. (“CRA”), a Denver-based multi-family investment firm, have completed the disposition of The Park At Forest Hill, a 601-unit multifamily property built in 2002/2007 in Memphis, Tennessee. The sale price was $64 million. Located in the Germantown/Southwind submarket of Memphis, the 601-unit community was developed in two phases in 2002 and 2007. The property directly benefits from its proximity to high-profile corporate centers, a beautiful country club environment, and a state recognized exemplary school district. Transaction Highlights: MLG and CRA purchased the property in 2016 for $39.1 million and undertook a light value-add and re-branding strategy which included renaming the property from ‘Greens at Irene’ to ‘Park at Forest Hill’. The business plan primarily focused on improving the common areas and amenities, while also upgrading select units with items such as new vinyl plank flooring, stainless steel appliance package, kitchen and bathroom cabinet fronts and all new unit hardware. The asset management team directed over $3.1 million to the improvement of the physical property with...
November 13, 2019
MLG Capital Purchases Park Avenue Apartments in Gainesville, Florida
MLG Capital, the premier outsourced investment manager in private real estate for Investment Advisors, Family Offices and High Net Worth Individuals since 1987, announced its most recent acquisition of Park Avenue, a Class A+ 298-unit multifamily property built in 2016 in Gainesville, Florida. “The purchase of Park Avenue represents an off-market transaction sourced through MLG Capital’s historical relationships. Gainesville is home to the University of Florida, which is the state’s largest and oldest university, demand for housing is strong, and the market maintains high rent growth due to low vacancy,” said Ryan Mueller, Vice President of Acquisitions at MLG Capital. Purchase Highlights: MLG Capital acquired the property for $56 million. Amenities include gourmet kitchens with European-inspired cabinetry, sleek granite countertops, wood-style flooring, spacious pantries, and stainless steel appliances. Other features include washer and dryer sets, USB charging station, 9-foot ceilings, walk-in closets, and luxury bathrooms. The community offers a resort style beach entry pool surrounded by palm trees, hammocks and cabanas, a large grill station area with pergolas, and a dog park. The clubhouse includes an iMac and PC cyber business center, self-service café, a state-of-the-art gym with circuit training, cardio machines, weights, yoga studio, fitness on demand, game tables and a...
November 13, 2019
MLG Capital Sells Metro Milwaukee, WI Retail Center
MLG Capital, the premier outsourced investment manager in private real estate for Investment Advisors, Family Offices and High Net Worth Individuals since 1987, announced its most recent sale of a retail asset located in Metro Milwaukee, WI. The asset includes ±240,000 sf of retail situated near Interstate 43. Counting money invested into improvements to the property, revenue generated by the leasing, proceeds from the sales and all the other financials, the MLG Capital fund exited the deal with a 15.82% internal rate of return, or IRR. For each $1 invested, $1.57 was produced said David Binder, Vice President at MLG Capital. Sale Highlights: Purchase Price: $33.5M Sale Price: $39.5M Great value-add potential – acquired with 40% of Rent Roll which expired in first 14 months. And had opportunity to sell individual buildings. Back-filled space with two new anchor tenants. Executed the business plan according to plan, by re-tenanting within 2 years of ownership.
June 27, 2019
Craig Lashley Named Executive of the Year at the 2019 Sapphire Awards | MLG Capital
MLG Capital is proud to announce that Craig Lashley was awarded Executive of the Year at the 2019 Sapphire Awards presented by The Apartment Association of Greater Dallas (AAGD). What made this even more special was that this was the first time ever this award was given out! Craig was up against some extremely tough completion and very humbled to win the award. The Apartment Association of Greater Dallas is the rental housing trade association for the Greater Dallas Metro area. Founded in 1959, AAGD is one of the largest local apartment associations in the country. AAGD represents over 1000 owner/management company members that own or manage over 2,700 apartment communities throughout the Dallas area. In addition, there are 750 businesses that provide products and services to the industry. So if your doing the math, Craig may be number 1 of 1,750 successful company executives in the minds of this committee, but one in a million to us! Of course, Craig was quick to point out the support he gets from his team members in both Dallas and Wisconsin. Under Craig’s leadership, Valiant has quickly grown to the 6th largest property management firm in Dallas and has also been recognized...