FREMONT, CA—MIG Real Estate LLC, a real estate investment company headquartered in Newport Beach, has opened escrow on two new Opportunity Zone ground-up multifamily development projects: a 240-unit rental residence in Fremont and a 140-unit rental residence in Hollywood. These projects mark the firm's entry into the Los Angeles and Bay Area markets.
"We're excited to have the opportunity to develop and improve these two properties by adding much-needed housing to these communities," says Elizabeth Cobb, director of development at MIG. "These projects are important steps in our continued strategy to seek out Opportunity Zone investments for development in key markets."
This effort is the continuation of an investment strategy launched by MIG this year to reposition its portfolio by acquiring and developing new projects in key urban markets. To further that goal, MIG has allocated $100 million in equity to develop Opportunity Zone sites throughout the Western United States. MIG is actively seeking other suitable land investment opportunities in primary markets throughout the West, Mountain West and Sun Belt states.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
