SOURCE: MIG Real Estate

February 26, 2013 11:07 ET

MIG Real Estate Closes Acacia Creek in Scottsdale, Ariz.

Completes Acquisition of 304-Unit Residential Community on 14 Acres of Land

NEWPORT BEACH, CA and SCOTTSDALE, AZ--(Marketwire - Feb 26, 2013) - MIG Real Estate, LLC, a Newport Beach, California-based real estate investment company, has acquired Acacia Creek, a 304-unit apartment home community in Scottsdale, AZ. 

Located at 7007 E Gold Dust Ave, Acacia Creek is situated just west of Scottsdale Road on 14 acres of land in one of the most exclusive areas in metro Phoenix. The community is adjacent to the Town of Paradise Valley, where median home prices exceed $1,000,000 and household income is more than twice the metro Phoenix average.

"Acacia Creek is situated in an excellent location within the highly desirable north Scottsdale submarket," said Greg Merage, Chief Executive Officer of MIG Real Estate. "The property is a strong addition to our portfolio and we anticipate increasing resident demand and leasing activity in the future."

Acacia Creek consists of one-, two-, and three-bedroom floor plans with full-size washer and dryers, fully equipped kitchens, linen closets, spacious walk-in closets, private patio/balconies with additional storage, and covered parking. Select apartment homes offer vaulted ceilings and fireplaces. Additional community amenities include three outdoor pools, 24-hour fitness center, picnic area with barbecue grills, gated entry and mountain views. 

Residents are within walking distance of many neighborhood retail outlets including Walgreens, Harkins Theaters and several restaurants and boutique shops. The community is also close to larger retail centers, such as Scottsdale Pavilions, Paradise Valley Mall and Scottsdale Fashion Square, Kierland Commons and the Scottsdale Quarter. Acacia Creek's central Scottsdale location offers residents easy access to the Scottsdale Airport to the north and Old Town Scottsdale to the south.

Sean Cunningham and Tyler Anderson of CBRE represented the seller in the transaction. MIG Real Estate represented itself. Alliance Residential will manage the property for MIG.

MIG Real Estate's strategic acquisition plan focuses on properties with a "value-add" component. Since 2009, the company has completed more than $700 million in acquisitions through direct purchases of office, retail, hotel and multi-family properties in major markets in the Sunbelt and Western U.S. 

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