They might be a long way from the Dairy State, but there’s nothing lonely about MLG Capital’s properties in the Lone Star State, where the multifamily market continues to draw interest from far and wide.
The Wisconsin-based real estate investor added 424 apartment units in Frisco, marking its 54th buy in Texas over its 37-year history, the Dallas Morning New reported.
The deal for the newly built Jade at Frisco at 16220 Phoebe Road came at an undisclosed price paid to Irving-based JPI.
MLG got a $70.5 million Freddie Mac loan originated by Berkadia, with a 2029 maturity.
The sale of the garden-style complex, situated next to the master-planned community of Craig Ranch, is the latest signal of ongoing growth in North Texas continues to experience explosive growth. Collins County, home of Frisco, is particularly strong, with hot demand for housing and steady commercial development. Frisco alone includes Karahan Companies’ Fields development and Brinkman Ranches’ eponymous master-planned community.
“The current vitality and expected growth of Frisco proper and the broader DFW market makes this a smart and exciting investment for our investors, and we hope to exceed our targeted returns,” MLG’s Ryan Mueller told the Business Journal.
The firm was launched in 1987 in the Milwaukee suburb of Brookfield. It holds a portfolio of nearly 40,000 apartment units from Colorado to Pennsylvania, with six principals and 1,000 or so employees.
MLG Capital has been expanding elsewhere, too, adding an administrative hub in Denver to go with regional offices in Dallas and Florida.
—Jerry Sullivan
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