MIG Real Estate Acquires Apartments in Austin

Jan 14, 2014
Globe St

MIG Real Estate purchased Adagio Swenson Farms, a 336-unit apartment community in the Far North submarket of Austin, Texas. The property is located in north Austin’s tech corridor with over 106,500 jobs in a five-mile radius just 15 miles from downtown Austin in Pflugerville

Merage also cited Austin’s number one ranking on Forbes’ lists of “America’s Fastest Growing Cities” and “Cities with Best Employment Growth” and notable north Austin employers like Dell, Samsung, Hewlett-Packard and Apple, as attractive reasons for investment in the area

Austin’s healthy multifamily market continues to thrive seeing average rents climb higher. According to a report from Transwestern, the Far North submarket, one of Austin’s largest multifamily markets, is at 95.7% occupancy and has recorded rents as high as $1.24 per square foot in prime properties

“Strong job growth and improving real estate fundamentals in Austin, Dallas, and Houston continue to place those cities near the top of our targeted markets list. We intend to make ongoing investments in multifamily, office, select service hotel, and retail properties in these markets as attractive opportunities arise,” continued Merage

MIG Real Estate, a Newport Beach, Calif.-based real estate investment company, is currently engaged in an aggressive expansion strategy. Adagio Swenson Farms represents MIG Real Estate’s fourth investment in Texas multifamily properties, following its investment in Pine Creek Ranch in The Woodlands, The Cottages in Austin, and Wynhaven at Willowbrook in Houston.  MIG Real Estate has acquired over 6 million square feet of property, totaling more than $850 million of assets since April 2009 

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