SOURCE: MIG Real Estate

MIG Real Estate

April 20, 2015 08:30 ET

MIG Real Estate Acquires 301-Unit Multifamily Community in McKinney, Texas

NEWPORT BEACH, CA and MCKINNEY, TX--(Marketwired - Apr 20, 2015) -  MIG Real Estate, a Newport Beach, California-based real estate investment company, has completed the acquisition of Regency at Stonebridge Ranch, a 301-unit luxury townhome apartment community in McKinney, Texas.

"MIG Real Estate recognized Regency at Stonebridge Ranch as an exciting opportunity to invest in a market with strong population and job growth," said Greg Merage, CEO of MIG Real Estate. "Regency at Stonebridge Ranch offers a unique package of luxury amenities and value-add potential through interior upgrades in an area where multifamily housing is in high demand."

Regency at Stonebridge Ranch is located at 2305 S. Custer Rd. within the larger Stonebridge Ranch master-planned community in the Dallas, Texas suburb of McKinney. Situated six miles east of McKinney's historic downtown, residents have access to shops, restaurants and the McKinney Performing Arts Center. The community's location offers proximity to nearby parks, trails, lakes, and golf courses, and is within the highly rated McKinney Independent School District.

Employment centers in the surrounding area, such as Legacy Business Park and CityLine, are experiencing remarkable growth with the relocations of Toyota, State Farm and Raytheon, totaling approximately 13,700 new jobs.

Regency at Stonebridge Ranch consists of 42 two-story townhome apartment buildings consisting of one-, two-, three-, and four-bedroom floorplans with direct access garages for all units. All apartment homes feature nine-foot ceilings, oversized closets, crown molding, and a covered patio or terrace. The property's common area amenities include a resort-style pool with Jacuzzi and cold plunge, outdoor kitchen, freestanding clubhouse with fitness and business centers, pet park, playground and concierge services.

Regency at Stonebridge Ranch is MIG Real Estate's ninth investment in Texas multifamily properties. Prior to MIG Real Estate's purchase of Regency at Stonebridge Ranch, the company's most recent acquisition was Midtown Commons at Crestview Station, a mixed-use property consisting of 562 multifamily units and 58,883 square feet of commercial space in Austin, Texas.

Thad Wetterau of Moran & Company 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 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 $1.3 billion since April 2009. Additional information is available at www.migref.com.

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