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Published:   April 11, 2014
Volume:   XX    Number:   14

MIG REAL ESTATE ENTITY SPENDS $41.875 MILLION FOR 510-UNIT APARTMENT COMPLEX IN TEMPE

Tempe - A company formed by MIG Real Estate LLC in Newport Beach, Calif. (Greg Merage, principal) paid $41.875 million ($82,108 per unit) to acquire the 510-unit Quadrangles Villiage apartments at 1255 E. University Drive in Tempe. The seller was FSC Quadrangles Associates LLC, a company formed by FSC Realty Inc. in Beverly Hills, Calif. (Stanley Fimberg, manager). The sale was negotiated through Tyler Anderson, Sean Cunningham, Asher Gunter, Matt Pesch of CBRE in Phoenix. Maricopa County records show Quadrangles Apartment Community Lessee LLC (MIG entity) acquired the apartment project by assuming a Freddie Mac loan with a balance owing of $25.682 million. In March 2006, the FSC realty entity paid $43.75 million ($85,784 per unit) to purchase Quadrangles Village. The complex was built in 1987. MIG Real Estate and affiliated entities have been building a portfolio of multi-family, office and hotel properties in the Valley. Since September 2010, the privately-held investment firm has spent $153.553 million in buying a diverse group of real estate assets in the Phoenix area. The purchases include 814 apartments in two communities, 254,135 sq. ft. of office space in two projects and 396 rooms in three hotel properties. Those investments are among roughly $1 billion in real estate assets that MIG Real Estate has purchased in Arizona, California, Colorado, Nevada, Utah, Texas, Hawaii, North Carolina, Florida and Edmonton, Alberta, Canada. MIG has been a buyer of hotel, retail, office, industrial and multi-family properties . . . likes value-added deals. MIG has hundreds of millions in capital targeted for additional investments in the Valley and other select markets. In 2002, Merage's family sold Chef America Inc. to Nestle in a $2.6 billion cash deal. In February 2013, BREW reported MIG paying $39.964 million ($131,460 per unit) to purchase 304 units within the 508-unit Acacia Creek apartments at 7007 E. Gold Dust Avenue in Scottsdale. Dave Patty is acquisitions manager at MIG . . . reach him at (949) 474-5850. Talk to Fimberg at (310) 278-2434. Call the CBRE agents at (602) 735-5555.





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