Brookfield-based MLG Capital has announced the opening to investors of its latest investment fund, the fifth in a series of private real-estate investment funds.
The equity raise goal of $300 million marks its largest such fund yet. This comes after the closing of its fourth such investment fund, which raised $250 million in a record pace for the firm and five months ahead of schedule.
The "Fund V" will continue MLG's focus on geographic, asset-class and asset-type diversification. MLG targets in each real estate fund 25 to 30-plus investments located in markets and locations where the company can grow operating income of the property. It does not specify target allocation to any asset, instead focusing on "smart" deals, according to a news release. Fund V is targeting tax-efficient income to investors via cash-on-cash distributions and appreciation over time.
“We have seen continued strong interest and trust from our investor family,” Tim Wallen, principal and chief executive of MLG, said in a statement. “We are excited about the market opportunities that exist and are focused on continuing to find smart real estate deals across the country. We define 'smart' deals as deals with believable and achievable assumptions.”
MLG has been acquiring assets since 1987. The first in the series of diversified funds launched in 2012, providing investors an opportunity to participate in portfolio deals over individual ones.
Since that time, MLG has acquired more than 19 million square feet in commercial properties, including more than 15,000 multi-family units. The firm said it aims to open a new fund offering every two years.
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