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10/01/20
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MIG Real Estate has opened escrow on two new Opportunity Zone ground-up multifamily development projects in California: a 140-unit rental residence in the central core of Hollywood and a 240-unit rental residence in Fremont.
“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.”
MIG is actively seeking other suitable land investment opportunities to develop and revitalize Opportunity Zone properties in primary markets throughout the West, Mountain West, and Sun Belt states.
Early this year, MIG acquired its first site in the Denver metropolitan area (The Clarkson, Englewood) for the development and construction of a 114-unit luxury apartment community. The project is slated to begin construction later this year.
For MIG, the Hollywood and Fremont projects will kick off the firm’s entry into the Los Angeles and Bay Area markets. It is the continuation of an investment strategy launched by MIG in 2020 to reposition its portfolio by acquiring and developing new projects in key urban markets. To further that goal, MIG has allocated $100 mil in equity to develop Opportunity Zone sites throughout the Western United States.
To support the new strategy, the firm has made several strategic hires of professionals with extensive commercial development expertise, including Michael Englhard as Chief Operations Officer, Elizabeth Cobb as Director of Development, Chris Wright as Director of Construction, and Colin Bagwell as Acquisitions and Development Manager.
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