Brookfield, Wis. (August 15, 2024) – MLG Capital – a national leader in private real estate investments – today announced its acquisition of Silverwood Apartments, located at 5100 Foxridge Drive in Mission, Kan.
The 280-unit property was built in 1986 and features ample community amenities, including a swimming pool, fitness center, clubhouse, picnic area and more. Approximately 80 percent of units have been recently renovated, and MLG plans to renovate and modernize the remaining units. The firm plans to install in-unit washers and dryers in all 280 apartment homes.
MLG believes Silverwood Apartments is well-located in a strong school district and desirable submarket just 7 miles from downtown Kansas City. Apartment rents in Mission have grown 4 percent the past 12 months, compared to the nationwide average of 0.5 percent.
“Silverwood Apartments is a well-located property in a strong Midwestern market. We think the property has a ton of potential and are excited to make it part of our portfolio,” said Nathan Clayberg, vice president at MLG Capital. “Our strategic approach and strong partnerships enabled us to source this deal off-market at an attractive basis. We look forward to executing on this deal and making money for our investors.”
MLG is partnering with Parkwest Real Estate on execution of its business plan at the property. Silverwood is MLG’s 3rd acquisition in the Kansas City MSA and brings MLG’s total number of units owned in Kansas to 913.
