SOURCE: MIG Real Estate

MIG Real Estate

December 12, 2014 09:00 ET

MIG Real Estate Enters Dallas Market With Acquisition of 330-Unit Multifamily Community

NEWPORT BEACH, CA and DALLAS, TX--(Marketwired - Dec 12, 2014) - MIG Real Estate, a Newport Beach, California-based real estate investment company, has completed the acquisition of Elan City Centre, a 330-unit, Class A multifamily community in Dallas.

"In acquiring this property, MIG Real Estate recognized Elan City Centre's strategic location in a thriving job center and its modern design characteristics which are appealing to young professionals," said Greg Merage, CEO of MIG Real Estate.

Elan City Centre is located at 13301 Galleria Place, with convenient access to Interstate 635, Dallas North Tollway, President George Bush Turnpike and US Highway 75. The property is situated at the convergence of two of North Dallas' booming office markets, the Platinum Corridor and the LBJ Freeway Office Corridor, where employers include Amazon, Toyota, FedEx and Coca-Cola Enterprises.

The multifamily community is within walking distance of shopping, dining and entertainment venues within the nearby Galleria Mall. The neighboring Valley View Mall Center is undergoing a major redevelopment which will provide a variety of additional venues.

Elan City Centre consists of four three-story buildings with one- and two-bedroom floor plans, 12 townhome units and a two-story parking structure. Units feature granite countertops, washers and dryers and oversized soaking tubs. Select units offer attached garages, walk-in closets and balconies.

Elan City Centre's common area amenities include a saltwater pool, outdoor Zen lounge, club lounge and 24-hour athletic club, as well as a gaming and media center.

Elan City Centre is MIG Real Estate's first investment in Dallas and its sixth investment in Texas multifamily properties. Prior to MIG Real Estate's purchase of Elan City Centre, the company's most recent multifamily acquisition was The Marquis at Roger's Ranch, a 246-unit apartment home community in San Antonio, Texas.

Ryan Reid of CBRE represented the seller in the transaction. Greystar 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 billion since April 2009. Additional information is available at www.migref.com.

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