NEWPORT BEACH, CA and CHANDLER, AZ--(Marketwired - Aug 29, 2014) - MIG Real Estate, a Newport Beach, California-based real estate investment company, has completed the acquisition of Symphony, a 234-unit apartment home community in Chandler, Ariz.
"In acquiring this property, MIG Real Estate recognized Symphony's desirable location in one of the fastest growing cities in the nation, as well as the property's proven potential for value-add upgrades," said Greg Merage, Chief Executive Officer of MIG Real Estate.
Symphony is located at 2225 West Frye Road, in the heart of Chandler's employment hub, with several Fortune 500 companies including Intel, Bank of America and Wells Fargo within a five mile radius. Symphony is adjacent to the expanding Chandler Regional Medical Center and less than a mile from the new GM Technology Innovation Center which recently brought an additional 1,000 jobs to the immediate area.
Residents of the multifamily community enjoy close proximity to the entertainment of Downtown Chandler and retail amenities like Chandler Fashion Center. Symphony is located within 20 minutes of Phoenix Sky Harbor International Airport and Downtown Phoenix via the 101 and 202 Freeways.
Built in 1999 as a luxury condominium community, Symphony consists of sixteen two and three story buildings with one, two and three bedroom floor plans with walk-in closets, oversized patios and direct-access garages in select units. Approximately half of Symphony's units have been upgraded with high-end appliances, fixtures and finishes, presenting the opportunity to continue the interior renovation program to add features like quartz countertops and new appliances to the remainder of the units.
Common area amenities at Symphony include two resort-style swimming pools with a spa, poolside bar seating and outdoor televisions, as well as a newly remodeled clubhouse with a lounge area, conference room and state-of-the-art fitness center.
Symphony represents MIG Real Estate's third investment in Phoenix multifamily properties, following its investments in Acacia Creek in Scottsdale in 2013 and Quadrangles Village in Tempe in April 2014.
Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE's Phoenix office represented the seller in the transaction. Alliance Residential will manage the property for MIG Real Estate.
About MIG Real Estate
MIG Real Estate owns and operates a diverse portfolio of assets throughout Arizona, Nevada, Colorado, Utah, Washington, North Carolina, Florida, Wyoming, Alberta, Hawaii and multiple markets in California and Texas. The company is currently engaged in an aggressive expansion strategy, seeking "core-plus," "value-add" and "opportunistic" investments in hospitality, retail, office, industrial and multifamily product types. MIG Real Estate has acquired more than seven million square feet of property, totaling over $1 billion of assets since April 2009. Additional information is available at https://www.migcap.com/RealEstate.