AUSTIN– MIG Real Estate purchased Adagio Swenson Farms, a 336-unit apartment community in the Far North submarket of Austin, Texas. The property is located in north Austin's tech corridor with over 106,500 jobs in a five-mile radius just 15 miles from downtown Austin in Pflugerville.

“MIG Real Estate was attracted to Adagio Swenson Farms' attractive amenities package and location within a booming job center in north Austin,” said Greg Merage, Chief Executive Officer of MIG Real Estate.

Merage also cited Austin's number one ranking on Forbes' lists of “America's Fastest Growing Cities” and “Cities with Best Employment Growth” and notable north Austin employers like Dell, Samsung, Hewlett-Packard and Apple, as attractive reasons for investment in the area.

Austin's healthy multifamily market continues to thrive seeing average rents climb higher. According to a report from Transwestern, the Far North submarket, one of Austin's largest multifamily markets, is at 95.7% occupancy and has recorded rents as high as $1.24 per square foot in prime properties.

“Strong job growth and improving real estate fundamentals in Austin, Dallas, and Houston continue to place those cities near the top of our targeted markets list.   We intend to make ongoing investments in multifamily, office, select service hotel, and retail properties in these markets as attractive opportunities arise,” continued Merage.

Pat Jones of ARA Real Estate Investment Services represented the seller in the transaction. MIG Real Estate represented itself. Alliance Residential, a national operator, will manage Adagio Swenson Farms.

MIG Real Estate, a Newport Beach, Calif.-based real estate investment company, is currently engaged in an aggressive expansion strategy. Adagio Swenson Farms represents MIG Real Estate's fourth investment in Texas multifamily properties, following its investment in Pine Creek Ranch in The Woodlands, The Cottages in Austin, and Wynhaven at Willowbrook in Houston.  MIG Real Estate has acquired over 6 million square feet of property, totaling more than $850 million of assets since April 2009.