MLG Capital Purchases Heights at Harper’s Preserve Apartment Property in Conroe, Texas

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 39^th in Texas, bringing MLG’s historically owned number of units in the state to more than 10,700.

Key features of the property include:

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.

 

 

SOURCE: MLG Capital