MLG Capital is growing its footprint with the acquisition of multifamily communities in Charlotte, North Carolina, and Des Moines, Iowa.
These acquisitions, which closed at the end of 2020, also mark a milestone for the private real estate investment manager based in Brookfield, Wisconsin: having owned or sold more than 20,000 apartment units since its beginning in 1987. It also topped $2.7 billion in historic market value of assets currently held, sold, or pending acquisition 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 MLG vice president Billy Fox.
In Charlotte, the firm partnered with One Real Estate Investments, a real estate investment and asset management firm with a presence in the market, to purchase The Avalon Apartments. The 240-unit Class B multifamily community was built in two phases from 1999 to 2002.
This establishes MLG’s presence in Charlotte, which has strong fundamentals and has seen its population grow 17.2% between 2010 and 2019, according to the U.S. Census. The property is in a prime location, 15 minutes from downtown and adjacent to a future Crosland Southeast property approved by the city for the headquarters and practice facilities for a Major League Soccer expansion team and a 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 make this addition to the MLG portfolio very enticing.”
In Des Moines, MLG acquired three properties in partnership with ARTISAN Capital Group, a multifamily investment manager with local expertise in the market. The three Class A properties—Alice Patricia, Sterling Pointe, and Johnston Heights—were built between 2013 and 2020, include 540 units, and are located in Johnston and Waukee.
“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, assistant vice president at MLG. “By partnering with a local firm like ARTISAN, we can tap regional knowledge and expertise to best identify, vet, and select those top multifamily opportunities for investment.”
This three-property acquisition brings MLG’s owned number of units to approximately 760 in Iowa.
