Brookfield, Wis. (May 24, 2024) – MLG Capital – a national leader in diversified private real estate investments – today announced its acquisition of the Walnut Lake apartment property, located at 4454 NW 142nd St. in Urbandale, Iowa. The multifamily property was completed in 2016 and features 180 apartment units, robust amenities and a desirable location in a western suburb of Des Moines. MLG acquired an interest in the property using 1031 exchange proceeds from its innovative Legacy Fund, which offers a tax-deferred exit strategy for private real estate owners.
“We’re excited to be acquiring Walnut Lake. It’s a quality, newer construction property in a fast-growing suburb of Des Moines, a market that we believe has strong underlying fundamentals,” said Daniel Price, senior vice president at MLG Capital. “The asset is well-positioned to benefit from the overall growth of the region, and we think it will perform very well over the course of our ownership.”
According to CoStar, the immediate area is projected to see 10%+ population growth over the next five years – a testament to the quality of location, which includes one of the best rated school districts in the state, strong employment opportunities and access to abundant shopping, dining and entertainment.
Walnut Lake is MLG’s 10th acquisition in the Des Moines MSA and brings MLG’s total number of units owned in Iowa to 1,096.
In 2021, the MLG Capital launched the Legacy Fund to provide a tax-deferred exit strategy for real estate owners seeking to eliminate the burden of managing property, improve their estate plan, and diversify their portfolio. Today, the Legacy Fund has more than $1.25 billion in assets spread across 18 states.
