NEWPORT BEACH, CA and HOUSTON, TX--(Marketwired - Sep 26, 2013) - MIG Real Estate, a Newport Beach, CA-based real estate investment company, has completed the acquisition of Pine Creek Ranch, a 240-unit apartment home community in the Houston metro.
Pine Creek Ranch is located at 3600 College Park Drive in The Woodlands, one of the most affluent neighborhoods in Texas and the #3 best-selling master-planned community in the US according to ARA Real Estate Investment Services. The community is situated on 12 acres of land, just two miles from Panther Creek where home prices exceed $1,000,000.
"Pine Creek Ranch offers an outstanding opportunity for upside potential with its attractive amenities package and its location near expanding job centers and medical campuses in north Houston," said Greg Merage, Chief Executive Officer of MIG Real Estate. Merage also cited Houston's optimistic outlook, recently being named by Forbes as "America's next great global city."
The multifamily community features one-, two-, and three-bedroom floor plans with oversized closets and bedrooms, full-size washers and dryers, fully equipped kitchens, and private patios, balconies or sunrooms for each unit. Additional community amenities include a Wi-Fi equipped clubhouse, swimming pool with beach entry, air conditioned basketball half-court, fitness center, barbeque area, billiards room, theater and business center. Pine Creek Ranch residents also enjoy remote access gated entry along with covered parking and garage options. The strong performance of recently upgraded units demonstrates meaningful potential for value-add improvements across the property.
Residents are a short walking distance to neighborhood retail outlets including Starbucks and Chase Bank, and less than five miles from Cynthia Woods Mitchell Pavilion, the upscale Market Street, and regional retail centers such as Pinecroft Center and The Woodlands Mall. Pine Creek Ranch is located in the Conroe Independent School District where 73% of schools enjoy an "Exemplary" rating from the Texas Education Agency.
MIG Real Estate has continued to expand its portfolio in targeted markets since 2009. Its strategic plan focuses on well-located properties with a value-add component. The Company has completed more than $800 million in acquisitions since 2009 through direct purchases of office, retail, hotel and multifamily properties in major markets, principally throughout the western United States and the Sunbelt.
Pine Creek Ranch represents MIG Real Estate's third investment in Texas multifamily properties, following its investment in The Cottages in Austin in 2012 and Wynhaven at Willowbrook in Houston in 2012.
David Oelfke of ARA Real Estate Investment Services represented the seller in the transaction. MIG Real Estate represented itself. Greystar, a national operator with a significant presence in the Houston market, will manage the property for MIG.
About MIG Real Estate
MIG Real Estate owns and operates a diverse portfolio of assets in Phoenix; Las Vegas; Denver; Seattle; Tampa; Hawaii; Edmonton; Jackson, WY; 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 select-service hotels, grocery-anchored shopping centers, office, industrial and multi-family properties. MIG Real Estate has acquired over 5.8 million square feet of property, totaling more than $800 million of assets since April 2009. Additional information is available at https://www.migcap.com/RealEstate.
Contact Information:
Contact:
Megan Barry / Daron Fender
Idea Hall
714-263-8736 / 714-263-8725
megan@ideahall.com / daron@ideahall.com