NEWPORT BEACH, CA and AUSTIN, TX--(Marketwired - Feb 24, 2015) - MIG Real Estate, a Newport Beach, California-based real estate investment company, has completed 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, Texas.
"Midtown Commons offers an attractive mix of multifamily living with a built-in amenities package, featuring lifestyle retailers and restaurants and a grocer in an area with expanding urban renewal," said Greg Merage, CEO of MIG Real Estate. "Austin is consistently on the Milken Institute's list of Best Performing Cities where America's jobs are created and sustained, reaching No. 2 in 2014."
The property is located in Central Austin at 810 W. St. John's Avenue, adjacent to the Crestview MetroRail Station and 16 minutes from the Downtown Austin Station.
Midtown Commons' Central Austin location provides access to Austin's largest employment, education and retail centers. Less than one mile away, Austin Community College is converting the Highland Mall into a "center for innovative learning" and Rackspace is moving its Austin operations into the former Dillard's department store. The Domain, a 1.3 million-square-foot mixed-use retail destination, is located four miles north of Midtown Commons and is anchored by retailers such as Neiman Marcus, Macy's, Dillard's, Whole Foods and Dick's Sporting Goods.
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, Fuzzy's Tacos, Subway, Modo Yoga and Fat Cat's Deserts.
The multi-phase multifamily component offers studio, one- and two-bedroom floorplans, with Phase II units featuring stainless steel appliances, granite countertops, faux wood flooring and high quality carpet in the bedrooms. Value-add opportunities include upgrading Phase I with granite counters and updated backsplashes to provide additional rent growth.
Common area amenities at Midtown Commons' multifamily community 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.
Midtown Commons at Crestview Station is MIG Real Estate's eighth investment in Texas multifamily properties. It is the company's fourth investment in Austin, following the 2014 acquisition of Adagio Swenson Farms Community, the 2013 acquisition of Barton Oaks Plaza and the 2012 acquisition of 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, Texas.
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.
About MIG Real Estate
MIG Real Estate owns and operates a diverse portfolio of assets in California, Hawaii, Washington, Utah, Nevada, Arizona, Colorado, Texas, North Carolina, Florida and Alberta, Canada. The company's holdings consist of more than eight million square feet of select service hotels, grocery anchored shopping centers, office, flex/industrial and multifamily properties purchased at an aggregate cost in excess of $1.3 billion since April 2009. Additional information is available at www.migref.com.