Concierge, 7620 Penn Ave South, Richfield, MN.
RICHFIELD, MN—MLG Capital, a real estate investment manager for investment advisors, family offices and high net worth individuals, has sold Concierge, (formerly Crossroads at Penn), a 698-unit multi-family apartment complex, at 7620 Penn Ave South, Richfield, MN, to Los Angeles, CA-based JRK Investments, an investment manager specializing in the apartment sector, for $95. 1 million. The buyer was identified by Real Capital Analytics, a proprietary research database that tracks commercial real estate transactions.
Concierge is the third largest market rate apartment community within the Minneapolis-St. Paul market. The asset was owned, managed and operated by entities related to MLG Capital and Soderberg Apartment Specialists. The joint venture purchased Concierge in September 2015 for approximately $41 million. The asset was sold for $95.1 million.
“We made a significant commitment to re-energize Concierge over the last three years of ownership, performing a major renovation which fully updated all 698 units. We also focused on adding a superior amenity package including a state-of-the-art fitness center, theater, golf simulator, dog park, rock climbing wall, convenience store and new leasing office at the property,” says Andrew Bruce, executive vice president and principal at MLG Capital.
“Not only did this investment re-energize the community in which it is located, our family of investors realized phenomenal overall returns. MLG generally seeks to exit investments after improving and/or stabilizing assets so that we can continue our pursuit of new value-added investment opportunities from our deep nationwide sourcing network,” says Bruce. “Our competitive advantage is proprietary deal flow and we are actively seeking similar opportunities.”
Concierge is located on the border of Edina, Bloomington, and Richfield with exceptional access via Interstate 494 and is near the Minneapolis–St. Paul Airport, the Mall of America, and large regional employers such as Toro and Best Buy. Concierge provides its tenants with convenient linkages to downtown Minneapolis, major employment centers, and an abundance of shopping.
Each unit was upgraded with a full interior renovation including granite counter tops, stainless steel appliances, new cabinetry, and new flooring. A superior amenity package was developed to enhance existing items, including one of the largest outdoor swimming pools in Minnesota with an expansive sun deck, cabanas, and entertainment space. A fitness center with a rock climbing wall, golf simulator, and locker rooms, are also part of the renovations. In addition, residents enjoy indoor and outdoor games, bike sharing, and media rooms.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
