Quadrangles Village sold for $41.8 million.

PHOENIX—MIG Real Estate, a California-based real estate investment company, has completed the acquisition of Quadrangles Village, a 510-unit apartment home community adjacent to Arizona State University. The purchase price was $41.8 million.

“In acquiring this property, MIG Real Estate recognized Quadrangles Village’s desirable location next to ASU’s 60,000 students and 12,000 employees, as well as its excellent potential for value-add upgrades,” says Greg Merage, chief executive officer of MIG Real Estate.

Quadrangles Village is located at 1255 E. University Drive in Tempe, in close proximity to the main ASU campus. It consists of 23 three-story buildings with studio, one and two bedroom floor plans.

Quadrangles Village represents MIG Real Estate’s second investment in Arizona multifamily properties, following its investment in Acacia Creek in Scottsdale in 2013. Tyler Anderson and Sean Cunningham of CBRE represented the seller in the transaction. Greystar Student Living will manage the property for MIG Real Estate.