SOURCE: MIG Real Estate

MIG Real Estate

May 16, 2012 11:00 ET

MIG Real Estate Enters Texas Market With Houston Multi-Family Purchase

Newport Beach, CA Firm Acquires 372-Unit Multi-Family Property in Houston

NEWPORT BEACH, CA and HOUSTON, TX--(Marketwire - May 16, 2012) - MIG Real Estate, LLC, a Newport Beach, Calif.-based real estate investment company, has acquired Wynhaven at Willowbrook, a multi-family residential community in Houston, Texas. The 372-unit community includes 436,914 square feet of rentable space with an average unit size of 1,175 square feet. The transaction reflects MIG's current investment strategy, which has been expanded to include opportunities in the Sunbelt, as well as the Western U.S.

"With a location proximate to employment centers, convenient access and above average unit sizes, this property should benefit from the on-going expansion of the Houston economy," said Greg Merage, CEO of MIG Real Estate.

Built in 2007, the property is located at 9611 Grant Road, with direct access to Highway 249 and nearby Beltway 8. The property is 1.5 miles from Willowbrook Mall and near several major employers including Hewlett-Packard, Methodist Willowbrook Hospital, Houston's Energy Corridor and the soon-to-open Exxon Mobil facility, providing a steady supply of prospective residents. The local submarket experienced 4% rent growth in 2011 and is projected to grow an additional 10 - 15% over the next three years.

The property's present occupancy rate of 96% exemplifies its appeal to a broad range of residents. Its spacious interiors are outfitted with black-on-black appliances, above-average sized kitchens, ceramic tile tub surrounds, personal laundry rooms with full-size washers and dryers, dining room bay windows, and nine-foot ceilings. The gated community offers a suite of amenities, including a swimming pool and sun deck, complimentary WiFi in the clubhouse, covered parking, picnic areas, and garden-like landscaping.

Ryan Epstein of CBRE, Inc. represented the seller in the transaction. MIG Real Estate represented itself. Alliance Residential Company, a national multifamily operator, will manage the property for MIG.

MIG Real Estate has continued to expand its portfolio into opportunistic markets since 2009. Its strategic plan focuses on well-located properties generally with a "value-add" component. The Company has completed over $450 million in acquisitions in the past three years and plans to invest up to $600 million in 2012 through direct acquisitions of office, retail, hotel and multi-family properties in major markets throughout the western states and the Sunbelt.

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