Everything you wanted to know about the Urban Core, Uptown and Downtown Dallas, Texas & Dallas Ft. Worth Area Real Estate - Its growth, prosperity, setbacks and unprecedented revitalization is told here...Randall Turner of Harvard Companies, Inc 214-373-0007, 3500 Oak Lawn Avenue, Suite 325, Dallas, Texas 75219
Friday, February 06, 2015
MIG Makes Its First Dallas Acquisition
Estate, a real estate investment company based in Newport Beach, Calif., has
completed its first transaction in the Dallas area, recently acquiring Elan
City Centre, a 330-unit, class A multifamily community in North Dallas.
The class A
apartment community is located near the Galleria in North Dallas.
purchase of Elan City Centre continues MIG Real Estate’s strategy of investing
in high quality assets in markets expected to outperform in terms of population
and job growth,” Marc Venegas, director of multifamily investments at MIG Real
Estate, told GlobeSt.com.
Centre is located at 13301 Galleria Place, with access to Interstate 635, the
Dallas North Tollway, President George Bush Turnpike and US Highway 75. The
property is situated at the convergence of two office markets: The Platinum
Corridor and the LBJ Freeway Office Corridor, where employers include Amazon,
Toyota, FedEx and Coca-Cola Enterprises.
multifamily community is within walking distance of shopping, dining and
entertainment venues within the nearby Galleria Mall. The neighboring Valley
View Center, currently undergoing a major redevelopment, will provide a variety
of additional venues.
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,” says Greg Merage,
CEO of MIG Real Estate.
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. Common amenities
include a saltwater pool, outdoor Zen lounge, club lounge and 24-hour athletic
club, as well as a gaming and media center.
Centre is the company’s sixth investment in Texas multifamily properties. Prior
to MIG Real Estate’s purchase of Elan City Centre, the company’s most recent
multifamily acquisition wasThe Marquis at Roger’s Ranch, a 246-unit apartment
home community in San Antonio.
Ryan Reid of
CBRE represented the seller in the transaction. Greystar will manage the
property for MIG Real Estate.