Apartment property is MLG's 24th acquisition in Florida
BROOKFIELD, WI / ACCESSWIRE / October 31, 2024 / MLG Capital - a national leader in private real estate investments - today announced its acquisition of Venetian at Capri Isles, located at 1050 Capri Isles Boulevard, Venice, Fla. The 180-unit property was acquired under MLG's innovative Legacy Fund, which offers a tax-deferred exit strategy for private real estate owners.
From 2023-2024, the North Port-Sarasota-Bradenton MSA was the second-fastest growing in the country, with its housing market ranking third nationwide according to the US News and World Report. The Venetian is well-located in the Sarasota County Schools district, which ranks No. 1 in Florida by Niche.com. The property is also located near several major and growing employers.
MLG plans to make strategic capital improvements to the property, including interior unit, exterior unit and amenity upgrades to enhance the asset's desirability.
"Our unique Legacy Fund structure recently surpassed $1.4 billion in acquisitions, and we are pleased to add Venetian at Capri Isles to our asset mix for the fund," said David Rodriguez, vice president at MLG Capital. "This property presents a nice opportunity in a growing market and provides diversification to our fund that will help drive returns for our investors."
The Legacy Fund offers owners of commercial real estate a tax-deferred exit option to contribute their property in exchange for units of a professionally managed, diversified real estate fund. Since its launch, the Legacy Fund has grown to exceed $1.4 billion in assets, including interests in 100 properties across 20 states that encompass over 17.4 million square feet and ±17,100 multifamily units.
The Venetian is MLG's second acquisition in the Sarasota MSA, where MLG also has a corporate office location, and its 24th acquisition in the state of Florida. This brings MLG's total number of units owned in Florida to 4,735.
About MLG Capital
MLG Capital is a sponsor of private real estate funds targeting investment from investment advisors, family offices, and accredited individuals. 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 6/30/2024. Value consists of disposed of assets as well as the current internal valuation of currently held assets as of 6/30/2024. Values may not have been reviewed by an independent 3rd party and may be internal projections.
For more information, contact:
Katie Whitlock, Public Relations
Laughlin Constable
kwhitlock@laughlin.com
414-305-5927
SOURCE: MLG Capital
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