AUSTIN–Newport Beach, Calif.-based MIG Real Estate has made its eighth investment in Texas multifamily and fourth Austin buy with the acquisition of Midtown Commons at Crestview Station, a mixed-use property consisting of 562 multifamily units and 58,883 square feet of commercial space in Austin.

“MIG is excited to add Midtown Commons at Crestview Station to its portfolio and was drawn to the opportunity due the unique character of the transit-oriented, mixed-use property,” Marc Venegas, director of multifamily investments at MIG Real Estate, told GlobeSt.com. “Having access to office, retailers and the on-site MetroRail station provides a pedestrian-friendly environment where our residents can live, work and play.”

The property is located in central Austin at 810 W. St. John's Ave., adjacent to the Crestview MetroRail Station and 16 minutes from the Downtown Austin station. Nearby, Rackspace, the San Antonio-based cloud computing company, is moving its Austin operations into a former Dillard's department store and The Domain, a 1.3 million-square-foot mixed-use retail destination, is four miles to the north.

Midtown Commons at Crestview Station consists of five two-, three- and four-story buildings and three parking structures. The commercial portion features two two-story buildings with ground level retail space and top-level creative office space. The retail features tenants such as Midtown Grocery & Café, Black Star Co-op Pub & Brewery, a new Fuzzy's Tacos, Subway, Modo Yoga and Fat Cat's.

The multi-phase multifamily component offers studio, one- and two-bedroom floor plans, with Phase II units featuring stainless-steel appliances, granite countertops and faux-wood flooring. Value-add opportunities include upgrading Phase I with granite counters and updating backsplashes to provide additional rent growth.

Common-area amenities include two resort-style swimming pools, pool courtyards with fire pits and outdoor kitchens, two fitness centers, a yoga studio, a 7,000-square-foot dog park, a community vegetable/herb garden and a clubhouse with a business center, pool table, flat panel TVs and entertainment kitchen.

In 2014 acquisition, the company acquired Adagio Swenson Farms Community; in 2013, Barton Oaks Plaza; and in 2012, The Cottages. Prior to MIG Real Estate's purchase of Midtown Commons, the firm's most recent multifamily acquisition was Alta Heights, a 256-unit apartment home community in Houston.

Charles Cirar, Ryan Reid, Michael Wardlaw and Colin Cannata of CBRE represented the seller in the transaction. Alliance Residential will manage the multifamily component and CBRE will manage the commercial space for MIG Real Estate. CBRE and Stream Realty will provide leasing services for the office and retail space, respectively, on behalf of MIG Real Estate.