NEWPORT BEACH, CA and TEMPE, AZ--(Marketwired - Apr 15, 2014) - MIG Real Estate, a Newport Beach, Calif.-based real estate investment company, has completed the acquisition of Quadrangles Village, a 510-unit apartment home community adjacent to Arizona State University (ASU) in Tempe, Ariz.
"In acquiring this property, MIG Real Estate recognized Quadrangles Village's desirable location next to ASU's 60,000 students and 12,000 employees, as well as its excellent potential for value-add upgrades," said Greg Merage, Chief Executive Officer of MIG Real Estate.
Quadrangles Village is located at 1255 E. University Drive in Tempe, in close proximity to the main ASU campus. Quadrangles Village residents also enjoy close proximity to several entertainment and recreation facilities such as Wells Fargo Arena, Sun Devil Stadium, and Tempe Town Lake. Nearby retail amenities include Tempe Marketplace and Mill Avenue Shopping District. The multifamily community is located within 10 miles of Downtown Phoenix and Phoenix Sky Harbor International Airport via the 202 Freeway.
Quadrangles Village consists of 23 three-story buildings with studio, one and two bedroom floor plans. Units feature walk-in closets, private patios or balconies and fully equipped kitchens with breakfast bars. Community amenities include three swimming pools with spas, poolside WiFi and water features, a clubhouse with a kitchen, billiards table and televisions, a fitness center, a business center and three on-site laundry facilities. Additionally, Quadrangles Village offers gated access to its residents.
Quadrangles Village represents MIG Real Estate's second investment in Arizona multifamily properties, following its investment in Acacia Creek in Scottsdale in 2013.
Tyler Anderson and Sean Cunningham of CBRE represented the seller in the transaction. Greystar Student Living 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, 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 hospitality, retail, office, industrial and multifamily product types. MIG Real Estate has acquired nearly seven million square feet of property, totaling approximately $1 billion of assets since April 2009. Additional information is available at https://www.migcap.com/RealEstate.