Market briefs
Apartments from Wood Partners: MIG Buys 256-unit Heights
Alta Heights, a 256-unit multifamily project in Houston, has been purchased by MIG Real Estate.
In Houston, MIG Real Estate, a Newport Beach, California-based real estate investment company, has purchased Alta Heights, a 256-unit apartment project in The Heights community in Houston.
Alta Heights is located at 145 Heights Boulevard, just north of Washington Avenue, about three miles from Downtown Houston.
The project, which was completed about a year ago, was developed by Wood Partners and has experienced rapid leasing with strong rents.
The property’s location, near the ArtCar Museum, is between Houston’s provides walkable access to shops, bars, restaurants and cafes along Washington Ave. and retail centers including the Heights Wal-Mart center.
Sitting on a 3.5-acre site, Alta Heights consists of a four-story building with studio, one- and two-bedroom floor plans and a five-story parking structure.
“Alta Heights has strong upside potential, benefiting from its excellent amenity package and proximity to major employers,” said Greg Merage, CEO of MIG Real Estate.
Alta Heights is MIG Real Estate’s seventh investment in Texas multifamily properties. It is the company’s third investment in Houston, following the 2012 purchase of Wynhaven at Willowbrook and the 2013 purchase of Pine Creek Ranch. Prior to MIG Real Estate’s purchase of Alta Heights, the firm’s most recent multifamily purchase was Elan City Centre, a 330-unit apartment home community in Dallas, Texas.
Ryan Epstein of CBRE represented the seller in the Heights transaction. Wood Residential Services will manage the property for MIG Real Estate.
MIG Real Estate owns and operates a diverse portfolio of assets in California, Hawaii, Washington, Utah, Nevada, Arizona, Colorado, Texas, North Carolina, Florida and Alberta, Canada. The company’s holdings consist of more than 8 million sq ft of select service hotels, grocery anchored shopping centers, office, flex/industrial and multifamily properties purchased at an aggregate cost in excess of $1 billion since April 2009.
