03 November 2009

MC Companies Aquires Saddle Creek Apartments


MC Companies continues to attract new investors and acquires Saddle Creek Apartments in Carrollton, Texas. The acquisition adds 238 Carrollton apartments, 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 Dallas apartments are located in the suburb of 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.

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