SCOTTSDALE, AZ - 680 unit Lincoln Green community joins the MC Companies portfolio. Located in San Antonio, Texas, the community was rescued from receivership at 60% occupancy and significantly below market rents. Negotiated financing terms allows MC to invest capital and make improvements immediately. MC Residential of Texas, the company's in-house professional management group, will oversee the renovations as well as manage the daily operations of the community.
The Deal
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680 Units, Class B, 2-Story Garden Style
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Strong submarket with employment and amenities
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60% occupancy at close of escrow in a 95% submarket
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Exception lender provided acquisition financing
The community currently has ample room for improvement including bringing 120 non-rentable units back on-line.
The Place at Lincoln Green was built in 1983 and features five one-bedroom floor plans and four two-bedroom plans. Each unit is equipped with refrigerators, microwaves, ceiling fans, private patio or balcony, and hook-ups for stacking washing/dryer units. Some units have faux wood fireplaces and additional outside storage. The gated-community's 24 acres are lushly landscaped and residents enjoy four swimming pools, a fitness center and community clubhouse. Mature trees provide shade near the picnic area and barbeque grills.
The Place at Lincoln Green is located between Interstate 10 and Highway 281, just north of Loop 410. San Antonio leads the country in employment growth and The Place at Lincoln Green is within minutes of South Texas Medical Center and USAA World Headquarters, the strongest employers in the area.
MC Companies is focused on expansion through acquisition of workforce housing (Class B garden style apartments), and utilizing its internal development and management experience and talent to leverage opportunities for its investors. MC Companies continues to search for more land acquisitions and 200+ units in Arizona, Oklahoma and favorable Texas markets.
Following its expansion strategy, MC added several communities in 2010: The Place at Overlook in San Antonio, Texas in December; The Place at Green Trails in Katy (Houston), Texas, The Place at Vanderbilt in DFW, both in October; and in May, MC opened a new development financed with the HUD 221 D4 program, The Place at Savanna Springs, a new 204-unit multifamily community in Sierra Vista, AZ.
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.