MC Companies Sells The Place at Park Timbers, Apartment Property

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Scottsdale, Arizona-based MC Companies, a full-service real estate management, investment, development, and construction company announces the sale of The Place at Park Timbers.

Scottsdale, Arizona-based MC Companies, a full-service real estate management, investment, development, and construction company announces the sale of The Place at Park Timbers. Originally acquired by MC in June 2010, The Place at Park Timbers is a 230-unit garden style apartment property in Lewisville, Texas, a suburb located in the Dallas-Fort Worth Metro area.

Tanner Bickelhaupt, Director of Investor Capital for MC Companies, contributes a large portion of the success to MC Residential Communities, MC Companies in-house management company. Mr. Bickelhaupt stated, “We feel that it’s critical that our investors get only the best people managing their investment and that’s why we only manage our own properties. More than 70% of MC investors are invested in multiple projects with the company and with the successful sale of The Place at Park Timbers, we have reaffirmed our commitment to our investors.”

Under the leadership of President Lesley Brice, MC Residential Communities rebranded the property The Place at Park Timbers, in keeping with the company’s branding and capitalized on the existing name recognition, while giving the community freshness. Units were updated to enhance the community residents’ living experience, and the property was repositioned to compete in the local market. Mrs. Brice stated, “It’s gratifying to see this deal reach sale benchmarks earlier than our business plan projected. This success is attributed to balanced market conditions and the management team’s excellent execution of the plan through focus on sound management and repositioning of rents through renovation.” MC Residential Communities currently manages approximately 7,000 units in Texas, Arizona, and Oklahoma.

MC is headquartered in Arizona, with corporate offices in Scottsdale, Tucson and Dallas, Texas. Their current portfolio includes units in Arizona, Oklahoma and Texas.

Visit the websites of MC Companies at http://www.mccompanies.com or MC Residential Communities at http://www.mcresidential.com.

Principles:
Ross McCallister
Ken McElroy

Investment Inquiries:
Tanner Bickelhaupt
480-980-9192

Media:
Jennifer Humphrey
jhumphrey(at)mccompanies(dot)com

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Jennifer Humphrey