Scottsdale, Ariz. – December 13th, 2024 – MC Residential is searching for its next real estate investment after selling a 680-unit multifamily property in San Antonio, Texas. The property management arm of the leading multifamily investment, development, construction, and management company – MC Companies, sold The Place at Castle Hills in early December to a real estate investment firm. The deal brokered by Institutional Property Advisors and Marcus & Millichap, yielded tax advantages and significant equity returns for investors.
The multifamily property was first acquired by MC Residential in 2011 from a lender and renovated over 70% of the residences. Chief Investment Officer at MC Companies, Charlie Koznick, says when The Place at Castle Hills was acquired, the property was both physically and operationally distressed. “Through the implementation of our comprehensive value-add program, we significantly enhanced its physical condition and operations, leading to exceptional returns for our investors. Additionally, our improvements positively impacted the surrounding community,” Koznick added.
The 680-unit complex was built in 1984 and spreads across 23 acres with 73 two-story buildings with a mix of one- and two-bedroom floorplans, ranging between 479 and 1,033 square feet. Located in San Antonio, the property is just minutes from San Antonio International Airport, and roughly 12 miles from downtown San Antonio.
As for what is next for the multifamily investment powerhouse, Koznick says MC Companies is strategically capitalizing on the current multifamily market dynamics, and focusing on high-quality projects in prime locations, all at compelling entry points. “Our commitment remains unwavering: to deliver solid returns to our investors while effectively mitigating risk. We are continually identifying and pursuing opportunities that not only offer strong financial performance but also align with our focus on long-term, sustainable growth.”
About MC Companies:
MC Companies is a real estate investment, development, construction, and management company specializing in multifamily properties and commercial markets. Since 2001, MC Companies has executed on approximately $3.8 billion in multifamily assets. It currently owns and operates 7,400 units across 28 properties in markets in Arizona, Texas, and Nevada. The company operates under a mission of “Sharing the Good Life” with investors, residents, MC Companies employees, and the citizens of the communities in which it builds. Through its Sharing the Good Life Foundation, MC Companies has supported more than 500 charities through employee-requested grants. For more information, visit www.mccompanies.com and follow us on LinkedIn at https://www.linkedin.com/company/mc-companies/
