MLG Capital Partners, a commercial real estate investment firm, raised $100 million for its MLG Private Fund III and is closing the door on that fund on the 30th of this month. According to its release, October 1 will mark the opening of MLG Private Fund IV.

The new fund will be used to expand MLG’s portfolio, which consists of multifamily, industrial, retail and office properties across the U.S.

"We've had overwhelming interest in Fund III. Originally, we targeted to raise $100 million of equity. We maintained the ability to raise up to $150 million of total equity. We think we will land somewhere in the $135 million to $140 million range proving our investors truly love what we are doing," MLG Capital Vice President David Binder said in a statement.

According to Binder, Fund III already has 3,200 multifamily units under its umbrella in addition to 2.2 million square feet of commercial real estate spread across several states. Currently, MLG's total portfolio is valued at roughly $1.5 billion, encompassing 15.5 million square feet and 12,000 multifamily units.

"We target 13% to 15% net IRR returns to our investors from a combination of cash flow and appreciation over time and have consistently achieved these returns over our 31+ year history. We understand that our investors want a consistent return on their real estate investments without the hassle of management and we strive to operate as a family that each of our investors become part of as they invest with us,” MLG Capital CEO and Principal Timothy Wallen said in a statement.

“We've consistently proven our ability to achieve profits in various market cycles and economic conditions. Deal sourcing is key in finding opportunities, regardless of cycle, and we're keenly focused on generating a deep and vast deal flow network across the country,” he added.