BIRMINGHAM ? Private equity finance company, The MGroup, is making a $17.5 million investment in Las Vegas real estate and plans to build 500 high-rise condos along the Strip south of the airport.
The early stage venture capital company will buy 10-acres on the Strip and build up to four 15-stories high-rise structures with 100 to 125 condo units each. The condos will be sold to second home buyers, residents that work near the Strip, and investors who want to make money in Las Vegas, said Mitch Mondry, an MGroup principal.
?The money we make will flow back to the MGroup,?? Mondry said. ?Any profits will be invested in the state of Michigan to be used to fund other projects.?
Co-developer of the project is Broder & Sachse, a Birmingham development, property management and construction business. MGroup is raising the $17.5 million by selling limited partnerships and through bank debt.
Mondry said he visited Las Vegas last November on a tip from a friend who said growth in this gambling mecca was unbelievable and there was a shortage of housing near downtown, where the casinos are located. The only way to build that new housing, he said, was to go vertical, rather than horizontal, exactly what MGroup plans to do.
For more information, click on MGroupInc.Com
