MC Companies Closes on 1,500-Plus Units of Mostly Subsized Housing
- May 29, 2015
MC Companies recently purchased an eight-property multifamily portfolio in Tucson through its Tucson 8 Opportunity Fund, the group announced. The acquisition included a total of 1,576 units.
Berkadia Commercial Mortgage financed the sale with 25 percent down payment from MC Companies, according to Real Estate Daily News. The financier’s local investment sales and real estate brokerage arm, Berkadia Real Estate Advisors of Tucson represented the buyer as well as the seller–Family Housing Resources Inc., a HUD Approved Housing Counseling Agency–in the negotiations.
MC Companies is a full-service real estate investment and management firm. Founders Ross McCallister and Ken McElroy joined forces in 1985, and the company has since been involved in the acquisition, development, construction and management of multifamily communities in the west and mid-western states. They now control over 7,500 units in Arizona, Texas and Oklahoma.
According to the Real Estate Daily News’ report, the deal was worth $66.7 million–just over $42,300 per unit–and seven of the eight communities were low-income subsidized housing, with 93 percent occupancy at time of sale. The properties included in the transaction are as follows: the 120-unit Broadway East Senior Apartments located on Broadway Boulevard, the 120-unit Villa De Paz Apartments on North Camino Seco, the 202-unit Silverwood Terrace Apartments on North Silverbell Road, the 72-unit River Square Apartments on East River Road, the 256-unit Camino Real Apartments on East Old Spanish Trail, the 266-unit Presidio East Apartments on East 22nd Street, the Villa Monterey Apartments on East Golf Links Road in Tucson, and the Wilmot North Senior Apartments on North Wilmot Road.
Photo credits: MC Companies