Like so many Californians, MIG Real Estate is coming to Dallas.
The Newport Beach-based investor has purchased Elan City Centre, a 330-unit multifamily building in Farmers Branch, just north of the Dallas city line. The property is MIG’s first investment in the Big D, and adds to the company’s growing portfolio of Texas properties.
The apartment building, located at 13301 Galleria Place, sits just north of Interstate 635 near Addison. It is made up of four three-story buildings with one- and two-bedroom apartments, as well as 12 townhouses. Much of the property takes the shape of a Texas Donut, with apartments in a figure-8 pattern around a courtyard and a saltwater pool.
Ryan Reid of CBRE repped the seller, HLC Equity Partners. The property’s latest appraised market value is $65.9 million, though the sale price was not disclosed.
MIG CEO Greg Merage said the building is particularly appealing to young professionals, as it is located near the many office buildings in the Platinum Corridor and LBJ Freeway.
MIG owns five other multifamily properties in Texas, including Midtown Commons at Crestview Station in Austin. Its most recent acquisition was of the Marquis at Rogers Ranch, a 246-unit property in San Antonio.
MIG also owns Braker Business Park, a portfolio of 13 office buildings and a strip mall formerly owned by Nate Paul’s World Class Holdings. To acquire the portfolio, MIG beat out Karlin Real Estate and four other bidders, as well as Paul’s legal maneuvering, to hang onto the properties.
All told, MIG says it owns more than 8 million square feet of hotels, shopping centers, industrial and multi properties. It is focused on acquisitions in the western U.S. and Sun Belt.
Multifamily markets have been far off their 2021 peaks, as both developments and acquisitions have slowed significantly. Developers have largely hit the brakes amid a supply surge and stiffer financing requirements from would-be lenders. Meanwhile, higher interest rates have dampened revenue growth projections for value-add buyers and made deals harder to pencil.