MLG Capital today announced its acquisition of the Silver Creek apartment community located at 10710 E 41st St in Tulsa, Oklahoma. The 320-unit multi-family apartment complex was built in 1980 and is located just 15 minutes from downtown Tulsa.
“Overall, the multifamily fundamentals remain strong in the Tulsa market and we continue to see an imbalance of supply and demand, creating organic rent growth and low vacancy rates,” said Ryan Mueller, Vice President at MLG Capital.
“Tulsa has a diverse economy made up of logistics, aerospace, healthcare and manufacturing, and the unemployment rate is signficantly lower than the national US average. Silver Creek Apartments offers value-add potential, and we plan to capture rent growth from interior and exterior improvements and amenity enhancements. We anticipate continued growth in the Tulsa market over the next three to five years.”
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 residential property acquisitions focus on geographic, asset class and asset type diversification. The firm opened its MLG Private Fund V for investment in 2021, with an equity raise goal of $350 million.
The acquisition of Silver Creek Apartments adds an additional 320 units to the MLG portfolio. It’s the third investment by MLG Capital in the Tulsa area and its eighth in Oklahoma, bringing MLG’s historically owned number of units in the state to over 2,200.
Key features of the property include:
- Spacious one- and two-bedroom apartments
- A pet-friendly community with on-site dog park
- Fully-equipped kitchens and cozy fireplaces
- Full-size washer and dryer connections
- Large walk-in closets
- Swimming pool and fitness center
- Gated community
About MLG Capital MLG Capital is the premier outsourced investment manager in private real estate for investment advisors, family offices and accredited individuals. Since its inception in 1987, the firm and associated entities have had active, exited, or pending investments totaling approximately 32.3 million square feet of total space across the United States, inclusive of more than 27,300 apartment units, with exited and estimated current value exceeding $4.1 billion, as of 12/31/2021. MLG Capital targets to acquire $1 billion in commercial real estate annually; with approximately half of those acquisitions involving strategic partners.