MLG Capital announced the acquisition of Pinewood at National Hills Apartments located at 1075 Bertram Road in Augusta, Ga. The 160-unit multifamily apartment complex was built in 1983 and is a Class B property. The property was acquired in an off-market transaction partnership with The Sterling Group, a real estate investment management group with local expertise in the Augusta market.
“Our joint venture acquisition strategy involves purchasing income-producing multifamily assets in high-growth markets that are priced under market value, and we partner with strong real estate firms that have local and regional expertise to grow and manage the assets,” said Mike Slinde, Assistant Vice President of Private Equity at MLG Capital.
According to Slinde, the Pinewood at National Hills property presented an excellent opportunity for both organizations as it has great value-add potential and because The Sterling Group was looking to expand its presence in the Augusta area.
Pinewood at National Hills is the first property investment by MLG Capital in Augusta and its third in Georgia, bringing MLG’s owned number of units in the state to more than 700. MLG Capital plans to invest in The Pinewood property, upgrading its interior, exterior and amenities to strongly position it among surrounding properties.
“The Augusta market is one that flies under the radar often; but has a lot of growth potential. Its military and defense presence, medical district which boasts the only public medical school in Georgia, Minor League baseball and close proximity to Atlanta and Charlotte, make the area particularly attractive,” said Josh Miller, Vice President of Investments for The Sterling Group. “We’re predicting significant growth for the Augusta market in the next three to five years.”
The Pinewood opportunity was presented by Cushman & Wakefield, which has worked with The Sterling Group on other deals and is a firm with which the private equity team at MLG Capital is familiar.
Pinewood at National Hills Apartments is located just off I-20 in Augusta and is situated in a neighborhood among restaurants and retailers. The property is one mile west of Augusta National Golf Club, one of the most exclusive golf clubs in the world.
Key features of the property include:
- Spacious one, two and three-bedroom units
- Wood flooring, tile kitchen backsplashes, private patios and balconies and in-unit washers and dryers
- Clubhouse, dog park, newly renovated fitness center, playground and swimming pool
The series of MLG Private Funds were formed to acquire a geographically diverse portfolio of commercial real estate, primarily consisting of multifamily, industrial, retail and office opportunities located in strategically identified areas throughout the United States.