MC Companies founders Ken McElroy and Ross McCallister, further advanced their growth trajectory this week with The Tucson 8 Opportunity Fund acquiring eight Tucson multifamily properties consisting of 1,576-units in Tucson Arizona. Their eye for under managed value-add apartment communities with significant upside potential, leveraged with their MC Residential in house property management group, creates significant value for these apartment acquisitions, propelling the duo to be one of the largest apartment operators in the Tucson rental market.

Industry experts Ross McCallister and Ken McElroy joined forces in 1985 to build a partnership based on their strengths and decades of experience and success. While Ross and Ken share a common goal of delivering exceptional service, results and return on investment, they each bring a unique owner/investor/manager perspective to MC Companies, which is an invaluable advantage to their Lenders, Partners and Investors.

Properties included:

• * Broadway East Senior Apartments at 6199 E Broadway Blvd in Tucson (120 units)
• * Villa De Paz Apartments at 1050 N Camino Seco in Tucson (120 units)
• * Silverwood Terrace Apartments at 2120 N Silverbell Road in Tucson (202 units)
• * River Square Apartments at 990 E River Road in Tucson (72 units)
• * Camino Real Apartments at 8601 E Old Spanish Trail in Tucson (256 units)
• * Presidio East Apartments at 8485 E 22^nd Street in Tucson (266 units)
• * Villa Monterey Apartments at 7400 E Golf Links Road in Tucson (360 units)
• * Wilmot North Senior Apartments at 445 N Wilmot Road in Tucson (180 units)

The Tucson multifamily portfolio sold for a total of $66.7 million ($42,322 per unit). All but one of the properties were low-income subsidized housing, with 93% occupancy at time of sale. The seller was Family Housing Resources, Inc. of Tucson, a HUD Approved Housing Counseling Agency that continues to own and operate three communities in Tucson.

McCallister and McElroy have a lengthy and successful track record with their cash flow driven approach to owning and managing over a half a billion in multifamily assets. Their objective is to provide risk-adjusted cash yield and investment appreciation returns to their partners, investors and lenders. This eight-property procurement allows for immediate deployment of investors capital into income-producing assets.

“Leveraging our inherent core strength for numbers, financial statements and bottom line approach to property performance of our assets created a favorable impression with our lenders and partners, and eased the way for this new development” says Tanner Bickelhaupt, responsible for Capital and the main contact between MC Companies and investment partners.

Berkadia Commercial Mortgage financed the sale with 25% down. Art Wadlund and Clint Wadlund with Berkadia Real Estate Advisors of Tucson represented the buyer and seller in the transaction.

To learn more Wadlund can be reached at 520.299.7200.

For additional information on individual property sales, see RED Comps #2903 thru #2910.

SCOTTSDALE, AZ – With its latest acquisition of Rock Ridge Apartments in Oro Valley, the highest 2014 year-to-date sale for the region (see October 17^th Real Estate Daily News story here ), MC Companies portfolio is now up to seven apartment communities in the Tucson area. MC Companies is a real estate investment, development, construction, and management company specializing in the multifamily properties and commercial markets. MC Companies has completed over $300 million in multi-family and commercial value-added transactions since 1985.

MC Communities in the Tucson region include:
The Place at Village at the Foothills – 180 Units at 2600 W Ina Road, Tucson
The Place at Canyon Ridge – 116 Units at 2656 W Broadway Blvd., Tucson
The Place at Rock Ridge – 319 Units at 10333 N Oracle Rd, Oro Valley
The Place at Edewood – 252 Units at 550 N Harrison Rd, Tucson
The Place at Tierra Rica I & II – 288 Units at 3201 W Ina Rd, Tucson
The Place at Creekside – 352 Units at 9971 E Speedway Blvd., Tucson
The Place at Savanna Springs – 204 Units at 289 S Highway 92, Sierra Vista

Ken McElroy and Ross McCallister, Owners of MC Companies have an appetite for Apartment Development. Their approaching twenty-year track record and experience working together developing and managing multifamily real estate support their bullish approach to expanding their Tucson portfolio.

“MC Companies edge lies in pioneering an advanced, forward thinking culture around Branding, not typical in the sometimes-antiquated apartment business, with such operational and marketing innovations as MCLife Go Solo Leasing Tours, Co Work Spaces set up inside clubhouses, MC We LOVE Pets Program and Centralized Leasing gives us an edge over other apartment operators,” says Ken McElroy.

Lesley Brice, Partner and President of MC Residential, says that inherent core strength for numbers and financial statements and bottom line approach to property performance of the assets under her purview has a favorable impression with lenders and partners, helping to ease the path to grow the company’s real estate holdings in what has become a complicated development environment since the great recession.

To learn more MC Companies’ McElroy, McCallister and Brice should be reached at 480.998.5400 and the Tucson office can be called at 520.790.8100, or visit https://www.mccompanies.com