{"id":1004067914,"date":"2013-02-27T08:01:42","date_gmt":"2013-02-27T16:01:42","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004067914"},"modified":"2022-12-04T10:18:40","modified_gmt":"2022-12-04T18:18:40","slug":"mig-acquires-304-unit-apartment-property-in-scottsdale","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/mig-acquires-304-unit-apartment-property-in-scottsdale\/","title":{"rendered":"MIG Acquires 304-Unit Apartment Property in Scottsdale"},"content":{"rendered":"<p><em style=\"font-size: 13px;line-height: 19px\">By Keith Loria, Contributing Editor<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/02\/MIG-photo.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004067916\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/mig-acquires-304-unit-apartment-property-in-scottsdale\/mig-photo\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/02\/MIG-photo.jpg\" data-orig-size=\"800,531\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"MIG photo\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/02\/MIG-photo.jpg?w=800\" class=\"alignleft size-medium wp-image-1004067916\" title=\"MIG photo\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/02\/MIG-photo.jpg\" alt=\"\" width=\"300\" height=\"199\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/02\/MIG-photo.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/02\/MIG-photo.jpg?resize=300,199 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/02\/MIG-photo.jpg?resize=768,510 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><span style=\"font-size: 13px;line-height: 19px\">MIG Real Estate, a Newport Beach, Calif.-based real estate investment company, has acquired Acacia Creek, a 304-unit apartment home community in Scottsdale, Ariz., from Equity Residential.<\/span><\/p>\n<p>The company would not disclose the sales price but published reports have the deal at close to $40 million.<\/p>\n<p>\u201cAcacia Creek is situated in an excellent location within the highly desirable north Scottsdale submarket,\u201d Greg Merage, MIG Real Estate\u2019s CEO, told <em>Commercial Property Executive<\/em>. \u201cThe property\u2019s location provides easy access to employment centers and retail amenities. The property is also located in a highly desirable residential area and in a top school district,\u201d<\/p>\n<p>Located at 7007 E Gold Dust Ave, Acacia Creek is situated just west of<\/p>\n<p>Scottsdale Road lies on 14 acres of land in close proximity to North and South Scottsdale retail and employment centers.\u00a0The community is also adjacent to the Town of Paradise Valley, where median home prices exceed $1,000,000 and household income is more than twice the metro Phoenix average.<\/p>\n<p>The property consists of one-, two-, and three-bedroom floor plans with full-size washer and dryers, fully equipped kitchens, linen closets, spacious walk-in closets, private patio\/balconies with additional storage, and covered parking. Some units offer vaulted ceilings and fireplaces.\u00a0Community wide, amenities include three outdoor pools, 24-hour fitness center, a picnic area with barbecue grills, gated entry and mountain views.<\/p>\n<p>According to Merage, the opportunity to add value through renovation of the common areas, amenities and unit interiors in a desirable in-fill location were key reasons for the deal. The company is planning on improving the pools and fitness centers as well as the unit interiors to appeal to residents in the market.<\/p>\n<p>\u201cThe property has three pools, a fitness center and a business center that will be upgraded as part of the renovation program,\u201d Merage said. \u201cThe property is a strong addition to our portfolio and we anticipate increasing resident demand and leasing activity in the future.\u201d<\/p>\n<p>Since 2009, MIG purchases of office, retail, hotel and multi-family properties in major markets in the Sunbelt and Western U.S.<\/p>\n<p>Sean Cunningham and Tyler Anderson of CBRE represented the seller in the transaction. MIG Real Estate represented itself.\u00a0Alliance Residential will manage the property for MIG.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Newport Beach, Calif.-based real estate investment company MIG has acquired Acacia Creek, a 304-unit apartment community in Scottsdale, from Equity Residential.<\/p>\n","protected":false},"author":451,"featured_media":1004067916,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21783,21742,10],"tags":[],"class_list":["post-1004067914","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-investment","category-latest","category-northeast"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>MIG Acquires 304-Unit Apartment Property in Scottsdale - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/mig-acquires-304-unit-apartment-property-in-scottsdale\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MIG Acquires 304-Unit Apartment Property in Scottsdale\" \/>\n<meta property=\"og:description\" content=\"Newport Beach, Calif.-based real estate investment company MIG has acquired Acacia Creek, a 304-unit apartment community in Scottsdale, from Equity Residential.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/mig-acquires-304-unit-apartment-property-in-scottsdale\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-02-27T16:01:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-04T18:18:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/02\/MIG-photo.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"531\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/mig-acquires-304-unit-apartment-property-in-scottsdale\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/mig-acquires-304-unit-apartment-property-in-scottsdale\\\/\"},\"author\":{\"name\":\"Keith Loria\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/aaa29b723dad85f2444ae3cb0c4d735f\"},\"headline\":\"MIG Acquires 304-Unit Apartment Property in Scottsdale\",\"datePublished\":\"2013-02-27T16:01:42+00:00\",\"dateModified\":\"2022-12-04T18:18:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/mig-acquires-304-unit-apartment-property-in-scottsdale\\\/\"},\"wordCount\":376,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/mig-acquires-304-unit-apartment-property-in-scottsdale\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/02\\\/MIG-photo.jpg\",\"articleSection\":[\"Brokerage\",\"Investment\",\"News\",\"Northeast\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/mig-acquires-304-unit-apartment-property-in-scottsdale\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/mig-acquires-304-unit-apartment-property-in-scottsdale\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/mig-acquires-304-unit-apartment-property-in-scottsdale\\\/\",\"name\":\"MIG Acquires 304-Unit Apartment Property in Scottsdale - 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