MLG Capital Acquires Memphis-Area Multifamily Duo
Combined, the properties total more than 600 units.
MLG Capital has acquired Preserve at Southwind, a 306-unit community in Memphis, Tenn., and Preserve at Bartlett, a 300-unit community in Bartlett, Tenn.
Balfour Beatty was the seller of Preserve at Southwind. The company acquired the property back in 2018 for $35.9 million. ApexOne Investments was the seller of Preserve at Bartlett, which it bought in 2019 for $42.1 million, according to Yardi Matrix data.
Completed in 2000, Preserve at Southwind encompasses 16 buildings with one-, two- and three-bedroom units ranging between 700 and 1,434 square feet. Common-area amenities include a fitness and business center, clubhouse, spa and swimming pool. All units feature washer and dryer hookups, as well as vaulted ceilings and enclosed garages.
Preserve at Bartlett was completed in 2001 and comprises 25 two-story buildings with one-, two- and three-bedroom units ranging from 677 to 1,491 square feet. Community amenities include a fitness center, a swimming pool, a business center, a clubhouse and laundry facilities. In-unit amenities consist of washer and dryer hookups, enclosed garages, vaulted ceilings and fireplaces, as well as hardwood floors in select units.
Preserve at Southwind is located 7991 Capilano Drive, next to Hacks Cross Road and close to Bill Morris Parkway, while Preserve at Bartlett is situated at 8840 Bristol Park Drive, near Isaac Hayes Memorial Highway and U.S. Highway 64. There are many retail spaces and dining options in the properties’ proximity, along with green areas and entertainment venues.
MLG Capital recently opened MLG Private Fund VI, having a $400 million equity raise goal. The company acquired a 255-unit multifamily community in the Minneapolis-St. Paul suburb of Woodbury, Minn., for $65.2 million, from Roers Cos.