LOS ANGELES AND FREMONT, CALIF. — Newport Beach, Calif.-based MIG Real Estate has opened escrow on two ground-up multifamily projects located within Opportunity Zones in Los Angeles and Fremont. The projects mark the firm’s entry into the Los Angeles and Bay Area markets.
MIG will develop a 140-unit residential property in the core of Hollywood and a 240-unit community in Fremont.
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. Earlier this year, the firm acquired its first site in metro Denver for the development of a 114-unit apartment community, with construction slated to start later this year.
The Fremont and Los Angeles projects are a continuation of MIG’s investment strategy to reposition its portfolio by purchasing and developing new projects in key urban areas. To further that goal, MIG has allocated $100 million in equity to develop Opportunity Zone sites throughout the western United States.