SOURCE: MIG Real Estate

August 09, 2012 14:00 ET

MIG Real Estate Closes Third Multi-Family Purchase in Denver Metro Area This Month

Newport Beach, CA Firm Acquires 196-Unit Townhome Community in Golden, CO

NEWPORT BEACH, CA and GOLDEN, CO--(Marketwire - Aug 9, 2012) - MIG Real Estate, LLC, a Newport Beach, California-based real estate investment company, has acquired Canyon Point Cottages, a 196-unit residential community consisting of 49 townhome-style buildings on 15 acres in Golden, CO. The purchase comes after MIG's recent acquisition of The Hamptons, and The Huntington, in Lakewood.

Golden, located in Jefferson County, had a vacancy rate of 3.9% in the fourth quarter of 2011. As a result, rents in Golden have been on the rise, with a 10% increase, yearly, according to the Metro Denver Vacancy and Rent Survey.

Constructed in 1996, Canyon Point Cottages is the newest multi-family property in Golden. In 1995, the city restricted residential construction to just 1% of existing housing stock per year, ending multi-family construction.

Situated between the Table Mountains and the Rocky Mountains, the Golden community provides residents a mountain lifestyle experience with convenient access to the Denver metro area. The nearly-completed FasTracks light rail corridor will provide Golden residents with access to the broader metro area.

Canyon Point Cottages consists of one, two and three-bedroom, townhome-style, floor plans with private entries, fully-equipped kitchens, extra storage, private patios, air conditioning, washer/dryer hookups, gas fireplaces, large walk-in closets and detached garages. Amenities include outdoor swimming pools, a clubhouse, business center, and a fitness center.

"The community's townhome-style layout offers a unique neighborhood feel that is very desirable to residents," said Greg Merage, Chief Executive Officer of MIG Real Estate. "Denver consistently ranks among Forbes' 'best places to live' and its demographic and job growth trends are expected to produce strong results for multi-family properties, in submarkets with limited supply like Golden." 

Doug Andrews, Jeff Hawks, Terrance Hunt, and Shane Ozment of Apartment Realty Advisors (ARA) represented the seller in the transaction. MIG Real Estate represented itself. Alliance Residential will manage the property for MIG.

MIG Real Estate has continued to expand since 2009. Its strategic plan focuses on properties with a "value-add" component. The company has completed over $600 million in acquisitions in the past three years through direct acquisitions of office, retail, hotel, and multi-family properties in major markets throughout the western states. For more information, please visit www.migcap.com/realestate.

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