HUMBLE, TX - Scottsdale, Arizona based MC Companies, announced the acquisition of the Park at Stone Creek Apartment Community in Humble, TX, a suburb of Houston. The 115-unit garden style community, located in the Northeast corner of Harris County, was built in 2006 and will be managed by MC Residential Communities, MC Companies in-house Property Management Division.
With this acquisition, MC Companies have added their third asset within Houston, now totaling more than 700 total units in the market. In keeping with the MC brand and embracing the community, the property will now be known as The Place at Fall Creek. MC Residential Communities President Lesley Brice stated, “The dynamics of the Houston market based on employment growth and continued rental demand continue to appeal to us. The Place at Fall Creek is a perfect edition to our portfolio based on its ideal location and management repositioning opportunity.”
Harris County, Texas boasts a population of over 4.2 million and has seen a 20.1% increase in population since 2000. According to Forbes, Houston Metropolitan area is ranked #2 in job growth. (“Best Big Cities for Jobs”, 2012) Sam Houston Parkway, a major Houston corridor, affords The Place at Fall Creek residents with easy access to the bustling commerce of Houston.
“The Place at Fall Creek is a great acquisition for MC due to the significant anticipated cash flow and upside potential from capital improvements” states Tanner Bickelhaupt, who handles a group of 250 accredited investors with varying appetites, ranging from stabilized cash flow assets to severely distressed projects requiring a sizable capital infusion. Bickelhaupt added, “Creating value, by effectively managing and repositioning assets, is one of the most important elements of what we do. This purchase demonstrates our focus in creating high-quality, well-appointed apartment communities, located in the places where people want to live.”
Although MC likes Texas because of its pro-business environment, their acquisition radar is not focused solely on the Midwest. According to Ross McCallister, “MC pays attention to all markets north and west of Texas. We look at opportunities from Texas to Seattle.”
MC Companies is a full-service real estate management, investment, development, and construction company. MC is headquartered in Arizona, with corporate offices in Scottsdale, Tucson and Dallas, Texas. Their current portfolio includes units in Arizona, Oklahoma and Texas.