NEWPORT BEACH, CA and AUSTIN, TX--(Marketwired - Jan 16, 2014) - MIG Real Estate, a Newport Beach, Calif.-based real estate investment company, has completed the acquisition of Adagio Swenson Farms, a 336-unit apartment home community in the Far North submarket of Austin, Texas.
Adagio Swenson Farms represents MIG Real Estate's fourth investment in Texas multifamily properties, following its investment in Pine Creek Ranch in The Woodlands in 2013, The Cottages in Austin in 2012, and Wynhaven at Willowbrook in Houston in 2012.
Adagio Swenson Farms is located 15 miles from downtown Austin at 413 Swenson Farms Boulevard in Pflugerville. The multifamily community is situated in north Austin's thriving tech corridor, with over 106,500 jobs in a five-mile radius.
"MIG Real Estate was attracted to Adagio Swenson Farms' attractive amenities package and location within a booming job center in north Austin," said Greg Merage, Chief Executive Officer of MIG Real Estate.
Merage also cited Austin's number one ranking on Forbes' lists of "America's Fastest Growing Cities" and "Cities with Best Employment Growth" and notable north Austin employers like Dell, Samsung, Hewlett-Packard and Apple, as attractive reasons for investment in the area.
Adagio Swenson Farms has a net rentable area of 349,860 square feet, with units averaging 1,041 square feet. The community features one and two bedroom floor plans with walk-in closets and private patios or balconies for each unit. Community amenities include a resort-style swimming pool, barbeque area, clubhouse, fitness center, business center and internet café. Adagio Swenson Farms' residents also enjoy remote access gated entry along with covered parking options.
Adagio Swenson Farms is within 10 miles of outdoor recreation hubs like Lake Pflugerville, Gilleland Creek Park and Blackhawk Golf Club, and retail centers such as La Fronterra Village, the Arboretum and The Domain.
Pat Jones of ARA Real Estate Investment Services represented the seller in the transaction. MIG Real Estate represented itself. Alliance Residential, a national operator with a significant presence in the Austin market, will manage the property for MIG Real Estate.
About MIG Real Estate
MIG Real Estate owns and operates a diverse portfolio of assets under management throughout Utah, Arizona, Nevada, Colorado, Washington, North Carolina, Florida, Wyoming, Edmonton-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 select-service hotels, grocery-anchored shopping centers, office, industrial and multifamily properties. MIG Real Estate has acquired over 6 million square feet of property, totaling more than $850 million of assets since April 2009. Additional information is available at https://www.migcap.com/RealEstate.