MIG Real Estate recently expanded its business by making an acquisition of a 330-unit luxury apartment building in Austin, Texas.MIG is attempting to increase its presence in Texas. A press release from the California-based real estate investment company noted that a number of Texas cities have appeared consistently on Forbes' annual list of America's fastest-growing cities. In addition to Austin, these cities include Dallas-Fort Worth, Houston and San Antonio.
"We continue to identify areas of major growth for investment, and Texas seems to be home to several of the markets experiencing the greatest economic growth," said Greg Merage, CEO of MIG Real Estate. "The significant job growth and diminishing vacancy in the Austin market, as well as demand for quality rental housing in the southern submarkets, made the acquisition of The Cottages a perfect fit for us."
The property is located in an area where rental rates are expected to increase by an estimated 8 percent within the next year.
MIG also recently acquired Whynhaven at Willowbrook, which is a multi-family residential community in Houston. The acquisition displays MIG's current investment strategy, which focuses not only on Texas, but other states in the Sunbelt and western United States.
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