One of the nation’s leading pension fund real estate investors has snapped up a McKinney rental community.
Stonebridge Ranch Reservation is a 301 unit rental townhouse complex with 44 buildings at 2305 Custer Road. The property was built in 2002.
The McKinney Apartments are one of two Dallas-area rental communities that have just been sold by California-based MIG Real Estate.
New York-based Nuveen Real Estate — one of the world’s largest pension fund investors with $142 million in assets under management — has purchased the Reserve apartments at Stonebridge Ranch, according to county records.
Newmark’s Brian Murphy and Brian O’Boyle marketed the McKinney project for sale.
In addition to the McKinney property, MIG Real Estate has sold the Elan City Center apartments located just west of the Galleria Mall on Galleria Drive. Built in 2013, the 330-unit building is in Farmers Branch, just north of the LBJ Freeway.
The almost fully leased apartments at 13301 Galleria Place have been listed for sale by Drew Kile, Joey Tumminello, Will Balthrope, Michael Ware, Taylor Hill and Asher Hall of Institutional Property Advisors, a division of Marcus & Millichap.
MIG Real Estate uses the money from sales in the Dallas area to buy other properties in places like the Seattle area.
“With the sale of these two multi-family properties, we have successfully achieved our investment objectives, allowing us to redeploy our capital to the West Coast, Mountain and Southwest markets of the United States,” said Robbie Dodd, CFO of MIG, in a statement. “MIG continues to reinvest in undersupplied markets with strong drivers of job growth, immigration and major infrastructure expansion, and we expect a strong year ahead for the company in 2022.”
Nationally, MIG owns and operates 6,505 multi-family units.