I want to first thank you for your continued support of MRG and its mission to pursue real estate investment, development and management opportunities responsibly and with integrity with the intent to help build, protect and preserve the wealth of our investors, partners, and community.
I appreciate your patience and understanding as we rebound after the turbulent year we experienced from the onset of the pandemic last year. Your active support is what has allowed MRG to grow at the rate it has over the last 5 years. We appreciate the opportunity to continue to grow and succeed in the years to come with you as a valued member of the investor group!
MRG was founded as a firm with a mission dedicated to building wealth through real estate investing. We intend to remain focused on that goal. For the 4 years leading up to last year we have been able to consistently secure great investment deals that has created our track record for performance. Although tough years like last year can be a challenge to overcome for many investors and developers in this space, I am confident in the ability to continue to perform and provide our investors with great opportunities to grow their capital.
#WEwillBeGREAT
- C. Mitchell Jr.
update to communications schedule
In an effort to improve the investor experience, we have established a schedule to be released in the annual report for regular and consistent communication. Access to updated and announcements will be shared via email. The monthly video updates will be available on the investor portal.
Investor Portal updates
Investor portals are scheduled to be updated this week. Please note, if you have not logged into your investor portal in over 30 days it may need to be reactivated.
capital performance
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capital call - barrett ApT update
The interior renovations for the 10 unit apartment in Jackson has picked up momentum and is on schedule to be completed by September 1, 2021. Duplicating the same success we have created in Atlanta with interior renovation design has allowed us to execute an effective design for our value-add strategy. Lease up has been working in tandem with the completion of the units.
We are currently working to secure new financing for this project to reflect the value added. By completing the renovations and increasing the rents we can establish a new value for the property. The appraisal used during the acquisition indicated a value of $350,000 based on a rental rate of $600 per month for each unit. Current market data supports a rental rate of $720+ per door. Considering the scale of the renovations and the market conditions we are confident in the ability to execute that valuation.
A capital call of $65k is required to complete the remaining renovation scope of work. This will ensure we can continue pace and meet our scheduled completion date. Upon completion of renovations and lease-up, we can move forward with exit financing as originally planned.