MLG Capital JV Closes Georgia Value-Add Play
- Nov 04, 2020
MLG Capital, in partnership with The Sterling Group, has purchased Pinewood at National Hills Apartments, a 160-unit property in Augusta, Ga., in an off-market transaction. The seller, Lexerd Capital Management, had owned the asset since 2018 when the company acquired it for $10.2 million, Yardi Matrix shows.
The new owner plans to implement a series of improvements and renovate the community’s interiors, exteriors and amenities. Pinewood at National Hills, located at 1075 Bertram Road, is MLG’s first investment in Augusta and its third in Georgia. The acquisition brings the company’s Georgia portfolio to more than 700 units.
Constructed in 1983, the Class B property encompasses one- to three-bedroom units averaging 1055 square feet. The apartments feature wood flooring, tile kitchen backsplashes, private patios, balconies and in-unit washers and dryers. Property amenities include a clubhouse, dog park, fitness center, playground and swimming pool.
The 20-building community occupies 12 acres near the Carl Sanders Highway and Freeway 28. The property is situated within a cluster of retailers including Kroger, Lidl and Publix, as well as several restaurants, such as Hooters, The Juicy Crab and Olive Garden Italian. Downtown Augusta is roughly 4 miles away.