Newport Beach, Calif.-based MIG Real Estate L.L.C. has acquired Quadrangles Village, a 510-unit multi-family community in Tempe. The purchase price was $41.9 million or $82,108 per unit, reported Business Real Estate Weekly of Arizona. The seller, an affiliate of FSC Realty Inc. in Beverly Hills, Calif., was represented by Tyler Anderson and Sean Cunningham of CBRE Group Inc.
“In acquiring this property, MIG Real Estate recognized Quadrangles Village’s desirable location next to ASU’s 60,000 students and 12,000 employees, as well as its excellent potential for value-add upgrades,” said MIG Real Estate’s CEO Greg Merage in a statement. Quadrangles Village represents the company’s second investment in the local multifamily market, following its investment in Acacia Creek in Scottsdale in 2013.
Located at 1255 E. University Drive, the complex consists of 23 three-story buildings with studio, one- and two-bedroom apartments. Units feature walk-in closets, private patios or balconies, and fully equipped kitchens with breakfast bars.
Community amenities include gated access, three swimming pools with spas, poolside WiFi and water features, a clubhouse with a kitchen, billiards table and televisions, a fitness center, a business center and laundry facilities. Greystar Student Living will provide property management services.
Quadrangles Village is within walking distance of the main Arizona State University campus. Nearby attractions include Wells Fargo Arena, Sun Devil Stadium, and Tempe Town Lake. Retail amenities include Tempe Marketplace and Mill Avenue Shopping District.
Since April 2009, MIG Real Estate has acquired nearly 7 million square feet of investment properties totaling approximately $1 billion in assets under management throughout Arizona, California, Colorado, Edmonton-Alberta, Florida, Hawaii, Nevada, North Carolina, Texas, Utah, Washington, and Wyoming.
Photo credit: Quadrangles Village in Tempe, Arizona via Official Facebook Page