MIG Real Estate Acquires Elan City Centre Multifamily In Farmers Branch
13301 Galleria Place
Units
330
Asset Type
MultiFamily
Closing
Apr 4, 2024
AI
Elan City Centre, a 330-unit multifamily building located at 13301 Galleria Place in Farmers Branch, just north of Dallas, has been acquired by MIG Real Estate from HLC Equity Partners. The property emphasizes its appeal to young professionals due to its proximity to office buildings in the Platinum Corridor and LBJ Freeway.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: Not specified
- Buyer: Greg Merage - MIG Real Estate
- Seller: Daniel N. Farber - HLC Equity Partners
- Broker: Ryan Reid - CBRE
- Market: Farmers Branch
MIG Real Estate, headquartered in Newport Beach, California, has expanded its portfolio with the purchase of Elan City Centre, marking its first investment in Dallas. This acquisition adds to MIG's growing list of properties in Texas, underlining its focus on properties that cater to the needs of young professionals.
Players
Dallas MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93