MIG Real Estate pays $35.5 million for 234 unit apartments in Chandler

Business Real Estate Weekly by Rose Law Group

Chandler – A company formed by MIG Real Estate LLC in Newport Beach, Calif. (Greg Merage, principal) paid $35.5 million ($151,709 per unit) to buy the 234-unit Symphony apartments in Chandler at 2225 W. Frye Road. The seller was Symphony R LLC, a company formed by Hartford Investment Management Co. (HIMCO) in Hartford, Conn. (Brion Johnson, pres.). The deal was brokered by Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE in Phoenix. Maricopa County records show Symphony Apartment Community LLC (MIG entity) acquired the Frye Road property with a $24.85 million Fannie Mae loan issued through CBRE Multifamily Capital Inc. in Houston, Tex. In July 2010, the HIMCO company paid $26.3 million ($112,393 per unit) to purchase Symphony. The complex was built in 1999. Continued

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August 22, 2014

family planning, Housing, Multi-Family, real estate

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