MILWAUKEE: 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 (SAS). The asset was sold to a buyer on 11/28/2018.
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 great 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 and partner Soderberg Apartment Specialists (SAS) purchased Concierge in September 2015 for approximately $41M. The asset was sold for $95.1M.
Each unit was upgraded with a full interior renovation including granite counter tops, stainless steel appliances, new cabinetry, and new flooring.
A superior amenity package was developed to enhance existing items, including one of the largest outdoor swimming pools in Minnesota with an expansive sun deck, cabanas, and entertainment space. A state of the art fitness center with a rock climbing wall, golf simulator, and locker rooms, are also part of the renovations. In addition, residents enjoy indoor and outdoor games, bike sharing, media rooms, and virtually anything you can imagine.
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 acquire, 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**
MLG Capital’s series of funds target cash on cash yields, quarterly distributions, and appreciation over time for investors in a tax efficient manner.
Read more about MLG Capital by visiting their blog: www.mlgcapital.com/happenings