MIG Real Estate Closes 168-Unit Multifamily Purchase in Denver, CO
Purchase Marks the Eighth Acquisition for MIG Real Estate in Colorado
(firmenpresse) - DENVER, CO -- (Marketwire) -- 01/15/13 -- MIG Real Estate, LLC, a Newport Beach, California-based real estate investment company, has acquired Churchill Downs, a 168-unit multifamily community located in southwest Denver, CO.
The southeast Denver submarket has consistently seen vacancy rates under six percent over the last eight quarters according to the Von Stroh Denver Vacancy & Rent Survey. In addition to the low vacancy rates, rents in the southeast Denver submarket have reportedly increased 6.2% year over year according to CBRE Economic Advisors.
Churchill Downs offers easy access to major employment centers in both the Denver CBD and the Denver Technology Center. The community is five minutes from the Yale and Southmore Light Rail Stations, allowing residents convenient access to public transportation, and six minutes from Tiffany Plaza Mall and Target's redevelopment of the former Tamarac Square shopping mall. Residents can enjoy biking or jogging the 40-mile-long Cherry Creek Trail or the 66-mile-long Highline Canal Trail, both located close to the property.
Churchill Downs consists of one, two, and three-bedroom floor plans with separate storage spaces, pantries, walk-in closets, private patios or balconies, and washers and dryers in all units. Select apartment homes offer vaulted ceilings and gas fireplaces. Additional amenities include an outdoor swimming pool, children's playground and community BBQ grills.
"We remain optimistic about the underlying fundamentals of Denver's multifamily housing market," said Greg Merage, Chief Executive Officer of MIG Real Estate. "This property is a great addition to our portfolio due to its location within the Denver metro area. With job growth on the rise and low vacancy rates, MIG Real Estate will continue to seek 'value-add' investment opportunities in the Denver market."
Doug Andrews, Jeff Hawks, Terrance Hunt, Shane Ozment and Jason Wine of Apartment Realty Advisors (ARA) represented the seller in the transaction. MIG Real Estate represented itself. Alliance Residential will manage the property for MIG.
MIG Real Estate's strategic acquisition plan focuses on properties with a "value-add" component. Since 2009, the company has completed more than $650 million in acquisitions through direct purchases of office, retail, hotel and multi-family properties in major markets in the Sunbelt and the Western U.S.
Contact:
Carolyn Etyemezian
Idea Hall
714-263-8736
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Datum: 15.01.2013 - 10:00 Uhr
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News-ID 1187292
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