PHOENIX, AZ - MIG Real Estate, the Newport Beach, California-based real estate investment company, has announced the acquisition of Bayside Apartments, a 176-unit rental property located in Phoenix. An ideally situated and quality-constructed community, Bayside Apartments will undergo significant enhancements as MIG Real Estate creates a more attractive housing option in a burgeoning area where employment is growing.
Originally constructed in 1999, Bayside Apartments sits on a 7.81-acre suburban site and is a garden-style complex comprised of 22 two-story buildings. The collection of units offered includes 64 one-bedroom and 112 two-bedroom floor plans. Apartments feature gracious nine-foot ceiling heights, large walk-in closets, private balconies and patios, dishwashers and full-size washer and dryer units. The gated community also offers an outdoor resort-style swimming pool, soothing spa, and covered picnic areas with barbeque grills. Complimentary Wi-Fi is provided in the office and pool lounge areas.
Though crafted in a classic style and well cared for, the community presents a value-add opportunity for MIG Real Estate, to upgrade unit interiors and make shared community amenities inviting and the primary focal point. The company intends to make the property pet friendly, by adding a dog park to appeal to the growing number of residents with pets.
The community sits in a high-growth region in the Deer Valley submarket of North Phoenix. Located just north of the Loop 101 and west of the I-17 freeway, the apartments are ideally situated near large employment hubs including Deer Valley Airpark, one the largest employment centers in the valley.
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 “core-plus,” “value-add” and “opportunistic” investments in select-service hotels, grocery-anchored shopping centers, office, industrial and multifamily properties. MIG Real Estate has acquired more than 9 million square feet of property, totaling nearly $2 billion of assets since April 2009. Additional information is available at www.migcap.com/RealEstate