Property marks MLG's first investment in the booming San Antonio market
BROOKFIELD, WI / ACCESSWIRE / March 11, 2021 / MLG Capital today announced its acquisition of the Pecos Flats apartment community, located in the Westover Hills area of San Antonio at 1210 Hunt Ln. The Class A, 384-unit multi-family apartment complex is MLG's first property investment in San Antonio.
"We are pleased to expand our growing Texas footprint into San Antonio with this acquisition," said Ryan Mueller, Vice President of Acquisitions at MLG Capital. "We continue to look for opportunities to invest in high-growth markets and felt Peco Flats was the right fit. We anticipate significant continued growth for the San Antonio market, which is projected to add another 170,000 new residents in the next five years, including a 7.7 percent population growth within a one-mile radius of Pecos Flats."
MLG Capital has been acquiring assets since 1987. Since 2012, the firm has operated under a fund strategy, providing investors the opportunity to participate in portfolios of assets rather than individual deals. MLG's property acquisitions focus on geographic, asset class, and asset type diversification. Under its fund acquisition strategy, the firm targets diverse, income-producing, multifamily properties in high-growth markets to produce the most value-add for its investors. MLG launched its fifth fund in January 2021, with a target of $300M in equity. Peco Flats is its first asset.
"This property is particularly appealing because of its premier visibility and curbside appeal, unbeatable location offering quick commutes around the San Antonio area, and its modern amenities. Pecos Flats is also anchored by consistent rental demand from a nearby military base and other government facilities, providing a strong, ongoing housing need for the future," said Mueller.
Peco Flats, 384 units in its entirety, is MLG's 40th residential acquisition in Texas, bringing MLG's historically owned number of units in the state to more than 11,000.
Key features of the property include:
- Contemporary, luxury 1-, 2- and 3-bedroom apartment homes
- A resort-style pool plaza with sundeck, plush poolside seating, and a water feature
- A state-of-the-art fitness center with cardio equipment and free weights
- A modern clubhouse with WiFi, billiards, and a coffee bar
- A pet-friendly community with on-site dog park and washing station
About MLG Capital
MLG Capital is the premier outsourced investment manager in private real estate for investment advisors, family offices, and accredited individuals. Since its inception in 1987, the firm and associated entities have had active, exited, or pending investments totaling approximately 26.1 million square feet of total space across the United States, inclusive of more than 21,300 apartment units, with exited and estimated current value exceeding $2.8 billion. 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 about MLG Capital and its investments, visit the firm's newsroom.
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 Private 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.
SOURCE: MLG Capital
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