Going Big in Texas
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|Newport Beach-based MIG Real Estate, which owns a diversified portfolio mostly in the western states, recently made an aggressive push into Texas (call it a "Davy Crockett Maneuver"), buying a multifamily property in Houston and then another in Austin for undisclosed sums. MIG CEO Greg Mirage says the company's on the hunt for more, focusing on value-adds and anticipating a four to seven-year holding period for assets in metro DFW, Houston, Austin, and San Antonio. "These markets are among the fastest growing in the nation, and are more resilient to market volatility than secondary or tertiary markets," Greg notes.|
|The company's most recent acquisition in Texas was the Cottages, a 330-unit property in Austin—in a part of town that has seen its population grow by about 25% since the 2000 census, Greg says. Vacancies are low and the prospect of rent increases is good, which is what any investor would want. But Greg tells us there's one more thing that major-market Texas properties have going for them: "a broad profile of prospective investors for future sales." MIG is betting that investors will stay interested in Texas properties in the coming years.|