Scottsdale, AZ (PRWEB) October 01, 2013
Scottsdale-based MC Companies, a real estate investment, management, development and construction company adds 200 units to its portfolio with the award of The Place at Houston Street Townhomes (formerly Outspan Townhomes) in San Antonio, Texas. MC Companies now has more than 1500 units in the San Antonio, Texas marketplace and 6300 units total throughout Arizona, Nevada, Oklahoma, Oregon and Texas.
MC Companies received the award from Federal Home Loan Mortgage Corporation (FHLMC). Similar to other bank owned properties; this deal was a highly desirable investment due to a) purchase price, b) increased revenue potential through proven operational and management processes, c) value added improvements and d) townhome living.
Immediately renamed to fit with the company’s branding strategy, The Place at Houston Street Townhomes will be managed by MC Residential, MC Companies’ in-house management company. Investors and community residents will benefit from the planned property improvements and new management company.
The Place at Houston Street Townhomes’ unique 2, 3, and 4 bedroom units provide residents with spacious floor plans in a single-family style neighborhood, while enjoying the amenities and convenience of living in a multifamily community.
Director of Capital and Acquisitions for MC Companies, Tanner Bickelhaupt, summarizes the company’s investment strategy: “MC Companies primary focus is to buy and hold multifamily assets for the long term in growing and emerging markets. The Place at Houston Street Townhomes is an ideal acquisition for MC Companies due to the anticipated long term cash flow.” Bickelhaupt added, “Investors expressing growing concern over inflation and the possible weakening of the dollar are finding that cash flowing assets such as multifamily properties are an appealing option.”
Ross McCallister, long-time industry expert and MC Companies co-principal, appreciates the strong employment growth in San Antonio stating, “San Antonio is one of the strongest rental markets because of job creation, but job creation and employment were not the only factors considered for this deal.” McCallister continued, “There is very little new supply coming online within the area, and there is a relatively large affordability gap between renting and home ownership. Additionally, the property is currently underperforming and with the appropriate capital improvements we feel the asset’s upside potential will fit in well in our portfolio for the long-term.”
About MC Companies:
MC Companies http://www.mccompanies.com is a real estate investment, development, construction, and management company specializing in the multifamily properties and commercial markets. MC seeks opportunities where they can add value through capital improvement, revenue enhancements and expense reduction through utilization of proven operational efficiencies and management processes. MC Companies has completed over $350 million in multi-family and commercial value-added transactions since 1985, including more than 10,000 apartment units in Arizona, Nevada, Oklahoma, Oregon and Texas.
MC Residential http://www.mcresidential.com
SOURCE MC Companies