MESA, Ariz. and NEWPORT BEACH, Calif., March 29, 2018 (GLOBE NEWSWIRE) -- MIG Real Estate, a Newport Beach-based real estate investment company, has announced the acquisition of Trails at Harris Apartments, a 209-unit multifamily property in Mesa, Arizona. Adjacent to the Gilbert Heritage District, one of the most desirable retail and restaurant developments in Arizona, Trails at Harris Apartments will undergo significant enhancements as MIG Real Estate creates a more attractive for-rent housing option in one of the fastest-growing cities in the nation.
Originally constructed in 1983, the garden-style community is located on 9.94 acres on the Gilbert-Mesa border at 1653 South Harris Street. One- and two-bedrooms average 766 square feet, and include all-electric kitchens, walk-in closets, standing showers and linen closets. Outdoor balconies or patios and stackable washer and dryers are available in select units.
Though well-maintained, the apartments are a value-add opportunity for MIG Real Estate. Interior renovations will include updated countertops, a stainless-steel appliance package, new cabinetry, synthetic plank flooring, updated light and plumbing fixtures in all units. The leasing, fitness and pool areas will undergo renovations to freshen the space and enhance use.
The third most populated city in Arizona, Mesa boasts a highly skilled, well-educated workforce. Trails at Harris Apartments is just south of US-60 between Gilbert Road and Stapley Drive and is located across the street from Harris Elementary School in the highly desirable Gilbert School District, which is among the highest ranked school districts in the Metro Phoenix area. The property is also located close to three major retail centers – Mesa Grand, Shoppes at Gilbert Commons and Township Plaza – providing tenants shopping variety and convenience. Tenant opportunities for relaxation and recreation abound, as the property is within walking distance of Emerald Park, and within close proximity to AMC Theaters, McQueen Park & Activity Center, Gilbert Riparian Preserve, Superstition Springs Country Club and Gilbert Municipal Recreation Parks.
MIG Real Estate continues to aggressively increase its multifamily portfolio and transacts with no financing contingencies and closing in 45 days or less. Trails at Harris is the second multifamily acquisition in the Phoenix Metro market in the last two months, taking the portfolio to approximately 7,000 multifamily units throughout the Western U.S. and Texas.
Mark Forrester, Ric Holway, Dan Cheyne and Jackson Cloak of Berkadia represented the seller.
About MIG Real Estate
MIG Real Estate owns and operates a diverse portfolio of assets under management throughout the Western and Southern U.S. and Edmonton-Alberta. The company is currently engaged in an aggressive expansion strategy, seeking investments in industrial and multifamily properties. MIG Real Estate has acquired approximately 10 million square feet, including 6000 apartment units, since April 2009. Additional information is available at https://www.migref.com.