SoCal's MIG Bets On Seattle Multifamily
SoCal-based MIG Real Estate made its first foray into greater Seattle recently with its acquisition of the 274-unit The Berkshire in Renton. The Seattle market has strong multifamily fundamentals, MIG CEO Greg Merage tells us, which attracted the company to the market—and is attracting a lot of competing investors. That complicates things, but astute investors can still do deals.
Greg says it's important to have a reputation as a knowledgeable and credible buyer, and have deep relationships with owners and brokers. He adds that after reviewing a sizable number of opportunities throughout the Seattle area, MIG identified The Berkshire as an attractive value-add and was able to successfully compete for it.
Greg tells us The Berkshire provides an excellent location with convenient access to employment centers, retail and entertainment, which is critically important to Seattle tenants who are confronted with increasing traffic and longer commutes. "The property also offers upgraded unit interiors and rents that are reasonable compared to other properties in the surrounding area."