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SCOTTSDALE, Ariz., Oct 30, 2009 /PRNewswire via COMTEX/ -- MC Companies continues to attract new investors and acquires Saddle Creek Apartments in Carrollton, Texas. The acquisition adds 238 units, bringing the investment and management portfolio total to nearly 7,000 units.
Ross McCallister, Co-Principal and Partner of MC Companies said the company continues to favor Texas for its pro-business climate, job creation and population growth. McCallister said, "The property was acquired significantly below replacement cost making it attractive to our investors. The acquisition was financed by PNC ARCS who provided FHLMC (Federal Home Loan Mortgage Corporation) financing at an attractive rate." About the Deal Saddle Creek, a 238 unit, class B, garden style apartment community is a perfect fit in MC's portfolio of work force housing. The property is located in Dallas suburb, Carrollton.
MC's Co-Principal and Partner, Ken McElroy said, "We were seeking a stable cash flow investment. We bought this property from Equity Residential (EQR) because the property is in excellent condition, well managed and in a great location.
Employing our own management strategies will increase its operational value over the long term." MC Residential will manage the apartment community.
About MC Companies MC Companies is a full-service real estate management, investment, development, and construction company that since 1985 has developed, built and managed multi-family housing communities. MC Companies is headquartered in Arizona, with corporate offices in Scottsdale and Tucson; and Arlington, Texas. The current portfolio includes units in Arizona, Nevada, Oregon, Oklahoma and Texas. For more information visit: www.mccompanies.com or www.mcresidential.com. Find MC Companies and MC Residential on Facebook to find out more about other great MC communities.
CONTACT: Kim Obert
480-998-5400 ext 250
kobert@mccompanies.com | www.mccompanies.com SOURCE MC Companies URL: http://www.mccompanies.com www.prnewswire.com Copyright (C) 2009 PR Newswire. All rights reserved -0- KEYWORD: Arizona INDUSTRY KEYWORD: RLT
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