Property a stone's throw away from "hot" Houston residential market, complex in top 10% school district
BROOKFIELD, WI / ACCESSWIRE / February 16, 2021 / MLG Capital today announced its acquisition of the Heights at Harper's Preserve apartment community located at 17116 Harpers Trace in Conroe, Texas. The Class A, 328-unit multi-family apartment complex was built in 2017 and is located within the Harper's Preserve Master Planned Community.
"The Houston market is one of the fastest growing residential markets and accordingly, the suburb of Conroe is seeing a significant residential surge, growing nearly 40 percent in the last decade. We wanted to expand our ownership here, and this property was the right opportunity as it offers a quiet, suburban feel in close proximity to Houston and a school district that ranks among the top 10 percent in the nation," said Mitch Faccio, Vice President of Acquisitions at MLG Capital. "We see significant continued growth for the Houston market in the next three to five years, particularly in the Conroe area."
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 residential property acquisitions focus on geographic, asset class, and asset type diversification. The firm opened its MLG Private Fund V for investment earlier this month, with an equity raise goal of $300 million.
"Our fund acquisition strategy targets diverse, income-producing, multifamily properties in high-growth markets to produce the most value-add for our investors. We invest in properties that have the potential to increase the operating income by making improvements and capitalizing on growing regions," said Faccio.
Heights at Harper's Preserve, ±332,000 sq. feet in its entirety, is the 9th property investment (±2,600 multifamily units) by MLG Capital in the Houston area and its 39th in Texas, bringing MLG's historically owned number of units in the state to more than 10,700.
Key features of the property include:
Key features of the property include:
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Modern and stylish 1-, 2- and 3-bedroom apartment homes
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A pet-friendly community
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Resort-style swimming pool
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Fitness center with cardio and strength equipment
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Amenities like valet dry cleaning and convenient car care
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 25 million square feet of total space across the United States, inclusive of more than 20,600 apartment units, with exited and estimated current value exceeding $2.7 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 news room.
For more information, contact:
Katie Whitlock, Public Relations
Laughlin Constable
414-305-5927
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