MC Companies Acquires Nonperforming REO Portfolio
MC Companies completed a deal to add 200 bank-owned townhome units in San Antonio to its portfolio.
The Scottsdale, Ariz.-based real estate investment, management, development and construction company received the properties from Federal Home Loan Mortgage Corp.
According to MC Companies, the deal was a “highly desirable investment” for four reasons: its purchase price, increased revenue potential through proven operational and management processes, value added improvements and townhome living.
“The Place at Houston Street Townhomes is an ideal acquisition for MC Companies due to the anticipated long-term cash flow,” said Tanner Bickelhaupt, director of capital and acquisitions for MC Companies. “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.”
Formerly known as Outspan Townhomes, The Place at Houston Street Townhomes features two-, three- and four-bedroom units in a single-family style neighborhood. Amenities available at the complex include a swimming pool with sun deck, a residents’ clubhouse and business center, a play area, a clothes care center and assigned parking.
The housing units will be managed by MC Residential, the in-house management company of MC Companies.
MC Companies now has more than 1,500 real estate units in San Antonio. Ross McCallister, co-principal at MC Companies, says the city’s strong employment growth is only one reason why the firm was committed to buying this portfolio.
“There is very little new supply coming online within the area, and there is a relatively large affordability gap between renting and homeownership,” he stated. “Additionally, the property is currently underperforming and with the appropriate capital improvements we feel the asset’s upside potential will fit well in our portfolio for the long term.”