Apartment property acquired by MLG's innovative Legacy Fund
BROOKFIELD, WI / ACCESSWIRE / May 24, 2024 / MLG Capital - a national leader in diversified private real estate investments - today announced its acquisition of the Walnut Lake apartment property, located at 4454 NW 142nd St. in Urbandale, Iowa. The multifamily property was completed in 2016 and features 180 apartment units, robust amenities and a desirable location in a western suburb of Des Moines. MLG acquired an interest in the property using 1031 exchange proceeds from its innovative Legacy Fund, which offers a tax-deferred exit strategy for private real estate owners.
"We're excited to be acquiring Walnut Lake. It's a quality, newer construction property in a fast-growing suburb of Des Moines, a market that we believe has strong underlying fundamentals," said Daniel Price, senior vice president at MLG Capital. "The asset is well-positioned to benefit from the overall growth of the region, and we think it will perform very well over the course of our ownership."
According to CoStar, the immediate area is projected to see 10%+ population growth over the next five years - a testament to the quality of location, which includes one of the best rated school districts in the state, strong employment opportunities and access to abundant shopping, dining and entertainment.
Walnut Lake is MLG's 10th acquisition in the Des Moines MSA and brings MLG's total number of units owned in Iowa to 1,096.
In 2021, the MLG Capital launched the Legacy Fund to provide a tax-deferred exit strategy for real estate owners seeking to eliminate the burden of managing property, improve their estate plan, and diversify their portfolio. Today, the Legacy Fund has more than $1.25 billion in assets spread across 18 states.
###
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 3/31/2024. Value consists of disposed of assets as well as the current internal valuation of currently held assets as of 3/31/2024. 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
[email protected]
414-305-5927
SOURCE: MLG Capital
View the original press release on accesswire.com