MLG Capital announced its acquisition of the Pecos Flats apartment community, located in the Westover Hills area of San Antonio at 1210 Hunt Ln. The Class A, 384-unit multi-family apartment complex is MLG’s first property investment in San Antonio.
“We are pleased to expand our growing Texas footprint into San Antonio with this acquisition,” said Ryan Mueller, Vice President of Acquisitions at MLG Capital. “We continue to look for opportunities to invest in high-growth markets and felt Peco Flats was the right fit. We anticipate significant continued growth for the San Antonio market, which is projected to add another 170,000 new residents in the next five years, including a 7.7 percent population growth within a one-mile radius of Pecos Flats.”
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 property acquisitions focus on geographic, asset class and asset type diversification. Under its fund acquisition strategy, the firm targets diverse, income-producing, multifamily properties in high-growth markets to produce the most value-add for its investors. MLG launched its fifth fund in January 2021, with a target of $300M in equity. Peco Flats is its first asset.
“This property is particularly appealing because of its premier visibility and curbside appeal, unbeatable location offering quick commutes around the San Antonio area, and its modern amenities. Pecos Flats is also anchored by consistent rental demand from a nearby military base and other government facilities, providing a strong, ongoing housing need for the future,” said Mueller.
Peco Flats, 384 units in its entirety, is MLG’s 40th residential acquisition in Texas, bringing MLG’s historically owned number of units in the state to more than 11,000.
Key features of the property include:
- Contemporary, luxury 1-, 2- and 3-bedroom apartment homes
- A resort-style pool plaza with sundeck, plush poolside seating and a water feature
- A state-of-the-art fitness center with cardio equipment and free weights
- A modern clubhouse with WiFi, billiards and a coffee bar
- A pet-friendly community with on-site dog park and washing station