MIG Acquires 304-Unit Apartment Property in Scottsdale
- Feb 27, 2013
MIG Real Estate, a Newport Beach, Calif.-based real estate investment company, has acquired Acacia Creek, a 304-unit apartment home community in Scottsdale, Ariz., from Equity Residential.
The company would not disclose the sales price but published reports have the deal at close to $40 million.
“Acacia Creek is situated in an excellent location within the highly desirable north Scottsdale submarket,” Greg Merage, MIG Real Estate’s CEO, told Commercial Property Executive. “The property’s location provides easy access to employment centers and retail amenities. The property is also located in a highly desirable residential area and in a top school district,”
Located at 7007 E Gold Dust Ave, Acacia Creek is situated just west of
Scottsdale Road lies on 14 acres of land in close proximity to North and South Scottsdale retail and employment centers. The community is also 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.
The property 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. Some units offer vaulted ceilings and fireplaces. Community wide, amenities include three outdoor pools, 24-hour fitness center, a picnic area with barbecue grills, gated entry and mountain views.
According to Merage, the opportunity to add value through renovation of the common areas, amenities and unit interiors in a desirable in-fill location were key reasons for the deal. The company is planning on improving the pools and fitness centers as well as the unit interiors to appeal to residents in the market.
“The property has three pools, a fitness center and a business center that will be upgraded as part of the renovation program,” Merage said. “The property is a strong addition to our portfolio and we anticipate increasing resident demand and leasing activity in the future.”
Since 2009, MIG purchases of office, retail, hotel and multi-family properties in major markets in the Sunbelt and Western U.S.
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.