RICHFIELD, MN – MLG Capital, the premier outsourced investment manager in private real estate for Investment Advisors, Family Offices and High Net Worth Individuals since 1987, announced the sale of Concierge, (formerly Crossroads at Penn), a 698-unit multi-family apartment complex located in Richfield, Minnesota.  Concierge is the third largest market rate apartment community within the Minneapolis-St. Paul market. The asset was owned, managed and operated by entities related to MLG Capital and Soderberg Apartment Specialists.

“We made a significant commitment to re-energize Concierge over the last three years of ownership, performing a major renovation which fully updated all 698 units. We also focused on adding a superior amenity package including a state of the art fitness center, theater, golf simulator, dog park, rock climbing wall, convenience store and new leasing office at the property,” said Andrew Bruce, Executive Vice President and Principal at MLG Capital.

“Not only did this investment re-energize the community in which it is located, our family of investors realized phenomenal overall returns. MLG generally seeks to exit investments after improving and/or stabilizing assets so that we can continue our pursuit of new value-added investment opportunities from our deep nationwide sourcing network,” said Bruce. “Our competitive advantage is proprietary deal flow and we are actively seeking similar opportunities.”

Concierge benefits from a fantastic location on the border of Edina, Bloomington, and Richfield with exceptional access via Interstate 494 and is near the Minneapolis–St. Paul airport, the Mall of America, and large regional employers such as Toro and Best Buy. Concierge provides its tenants with convenient linkages to downtown Minneapolis, major employment centers, and an abundance of shopping.

MLG Capital is currently raising its fourth private real estate investment fund, MLG Private Fund IV LLC, a targeted $200 Million equity fund that is accepting new accredited investors through March 31, 2021. The series of MLG Private Funds were formed to buy, directly or indirectly, a geographically diverse portfolio of commercial real estate, primarily consisting of commercial multifamily properties, industrial, retail, office, and other opportunistic opportunities located in strategically identified areas throughout the United States. MLG Private Fund IV launched in October 2018.

Since the inception of MLG Capital in 1987, the firm, and entities associated, have had active, exited, or pending investments totaling approximately 18 million square feet of total space across the United States, inclusive of more than 12,900 apartment units, with exited and estimated current value exceeding $1.6 billion.

Powered by WPeMatico

WESTERVILLE, OH – The Champion Companies bought Albany Landings Apartments, a 272-unit community located in the Westerville/New Albany submarket. This acquisition marks Champion’s 15th community in its portfolio.

Keeping in line with the company’s premium value-add renovation strategy, Champion plans a full rebrand of Albany Landings, including exciting additional amenities, a re-branded clubhouse and smart home technology in every unit.

“At Champion, our number one priority is making value for our residents and our investors,” Brian Yeager, Champion’s president and CEO, said. “We know we can do that at Albany Landings with immediate capital improvements and our best-in-class operations. Moreover, our total cost basis is roughly fifteen percent below what a similar product is selling for in the same submarket because we were willing to un-break the community.”

Champion’s team negotiated with more than 20 individual ownership entities and multiple third-party managers operating at the site to buy the community.

“Our willingness to consolidate the site’s ownership under one entity instantly makes value for our investors,” Dan Hunter, Champion’s chief investment officer, said. “In addition, Champion’s expert property management team will have a direct impact on the community by revamping and improving the site’s operations.”

Albany Landings consists of 17 two-tale buildings, comprised of a mix of one-bedroom and two-bedroom floor plans. Outside of the value that Champion’s operations will bring to the site, the wider community surrounding Albany Landings is growing rapidly. Just two miles away, Hamilton Quarter, the largest mixed-use development to hit Northeast Columbus in decades, is currently under construction and will provide a magnet to the area for years to come.

Albany Landings will be the final acquisition of 2018 for Champion. With this addition, Champion now owns and manages nearly 5,000 apartments across 15 communities in Central Ohio.

Powered by WPeMatico