MLG Capital Acquires 180-Unit Multifamily Property in Urbandale, Iowa

by Kristin Harlow

URBANDALE, IOWA — MLG Capital has acquired Walnut Lake, a 180-unit multifamily property in the western Des Moines suburb of Urbandale. The purchase price was undisclosed. Completed in 2016, the community is located at 4454 NW 142nd St. MLG acquired an interest in the property using 1031 exchange proceeds from its Legacy Fund, which offers a tax-deferred exit strategy for private real estate owners. Walnut Lake marks MLG’s 10th acquisition in metro Des Moines and brings the owner’s total number of units in Iowa to 1,096. Brett Hood of Northmarq originated a $16.1 million Freddie Mac loan for the acquisition. The five-year loan features a fixed interest rate just below 6 percent.

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