SCOTTSDALE, AZ-Newport Beach, CA-based MIG Real Estate LLC has acquired Acacia Creek, a 304-unit apartment-home community here. MIG was unable to disclose the sale price, and GlobeSt.com was unable to determine the seller's identity before deadline.
Sean Cunningham and Tyler Anderson of CBRE represented the seller in the transaction, while MIG represented itself.
Acacia Creek, located at 7007 E. Gold Dust Ave., is adjacent to the Town of Paradise Valley, where median home prices exceed $1 million and household income is more than twice the Metro Phoenix average. The community is situated just west of Scottsdale Rd. on 14 acres of land.
The property consists of one-, two- and three-bedroom floor plans with full-size washers and dryers, fully equipped kitchens, linen closets, spacious walk-in closets, private patio/balconies with additional storage and covered parking. Select apartment homes offer vaulted ceilings and fireplaces, and additional community amenities include three outdoor pools, a 24-hour fitness center, a picnic area with barbecue grills, gated entry and mountain views.
“Acacia Creek is situated in an excellent location within the highly desirable north Scottsdale submarket,” said Greg Merage, CEO of MIG Real Estate, in a prepared statement. “The property is a strong addition to our portfolio, and we anticipate increasing resident demand and leasing activity in the future.”
As GlobeSt.com previously reported, earlier this month MIG expanded its portfolio by one more office building by taking ownership of the 99,404-square-foot Barton Oaks Plaza I in Austin, TX. The investor bought the class A building from Windsor Realty Funds IV, an investment fund controlled, in part, by Boston-based GID Investment Advisors.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
