Friday, February 06, 2015

MIG Makes Its First Dallas Acquisition

MIG Real 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.

“The 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

Elan City 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.

The 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.

“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,” says Greg Merage, CEO of MIG Real Estate.

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. Common 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 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.

Anna Caplan, GlobeSt