THE WOODLANDS, TX-MIG Real Estate has added to its Texas holdings with its acquisition of the 240-unit Pine Creek Ranch. The buy is the Newport Beach, CA-based investor’s third in the Lone Star State since 2009.
Though the buyer was unable to disclose seller or price of the asset, the Montgomery Central Assessment District notes that the former owner was Pinecreek Acquisition Co. (with a Seabrook, TX address). The property at 3600 College Park Dr. is assessed at $16.2 million.
A spokeswoman representing MIG Real Estate tells GlobeSt.com that the goal right now is to continue the interior renovation plan launched by the previous owner. The program includes upgrading the kitchens with granite counters, tile backsplashes and new plumbing fixtures. In addition, faux wood flooring will be installed throughout the living areas.
“Pine Creek Ranch offers an outstanding opportunity for upside potential with its attractive amenities package and its location near expanding job centers and medical campuses in north Houston” says Greg Merage, MIG Real Estate’s CEO.
The multifamily property has one-, two-, and three-bedrooms ranging in size from 639 square feet to 1,386 square feet. David Oelfke with Apartment Realty Advisors represented the seller in the direct deal with MIG Real Estate Greystar will manage the property.
The California buyer will add Pine Creek Ranch to its current holdings, the 330-unit Cottages at 8515 Interstate 35 S. in Austin and the 372-unit Wynhaven at Willowbrook at 9611 Grand Rd. in Houston.