SOURCE: MIG Real Estate

MIG Real Estate

December 19, 2014 08:30 ET

MIG Real Estate Acquires 256-Unit Multifamily Community in Houston, Texas

NEWPORT BEACH, CA and HOUSTON, TX--(Marketwired - Dec 19, 2014) - MIG Real Estate, a Newport Beach, California-based real estate investment company, has completed the acquisition of Alta Heights, a 256-unit apartment community in Houston, Texas.

"Alta Heights has strong upside potential, benefiting from its excellent amenity package and proximity to major employers," said Greg Merage, CEO of MIG Real Estate.

Alta Heights is located at 145 Heights Boulevard, three miles from Downtown Houston, with direct access to Interstate-10, Interstate-45, Loop-610 and Highway-59 and in close proximity to job centers including Downtown Houston, Uptown Houston, the Energy Corridor, and Texas Medical Center.

The property's location between Houston's historical Heights District and the Washington Corridor provides walkable access to retail centers, shops, bars, restaurants and cafes along Washington Avenue. Additional nearby recreation and retail amenities include jogging and bike trails at Buffalo Bayou Park, sports facilities at Memorial Park and The Galleria, the largest shopping center in Texas.

Alta Heights consists of a four-story building with studio, one- and two-bedroom floor plans and a five-story parking structure. Units feature high ceilings, granite countertops, stainless-steel appliances, washers and dryers, walk-in closets, and private patios or balconies. Select units include a technology package featuring Bluetooth-capable, built-in surround sound, computer desks and bookshelves.

Common area amenities at Alta Heights include a resort-style swimming pool with walk-in beach entry, a courtyard with gas grills, a dog park and a two-story resident clubhouse with a business center and state-of-the-art fitness center.

Alta Heights is MIG Real Estate's seventh investment in Texas multifamily properties. It is the company's third investment in Houston, following the 2012 acquisition of Wynhaven at Willowbrook and the 2013 acquisition of Pine Creek Ranch. Prior to MIG Real Estate's purchase of Alta Heights, the firm's most recent multifamily acquisition was Elan City Centre, a 330-unit apartment home community in Dallas, Texas.

Ryan Epstein of CBRE represented the seller in the transaction. Wood Residential Services will manage the property for MIG Real Estate.

About MIG Real Estate

MIG Real Estate owns and operates a diverse portfolio of assets in California, Hawaii, Washington, Utah, Nevada, Arizona, Colorado, Texas, North Carolina, Florida and Alberta, Canada. The company's holdings consist of more than eight million square feet of select service hotels, grocery anchored shopping centers, office, flex/industrial and multifamily properties purchased at an aggregate cost in excess of $1 billion since April 2009. Additional information is available at www.migref.com.

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