Scottsdale, Arizona-based multifamily investor, developer and manager MC Companies is marking two decades in business – celebrating its 20th anniversary while also launching larger-than-ever collaborations that will nearly double the company’s size, from 240 to 400 employees in the next three years.
Founded by industry experts Ken McElroy and Ross McCallister, MC Companies operates with a mission of, “Sharing the Good Life,” with its residents, investors and employees. It does this by developing premier properties in growth markets, maximizing asset value through strategic renovations and asset improvements, and carefully managing 100 percent of the MC Companies portfolio through affiliate company MC Residential, which operates under the leadership of President and Partner Lesley Brice, with a heavy emphasis on the customer experience and resident satisfaction. Together, this activity provides value to investors in the form of consistently strong returns.
With a strong focus on making the communities in which they operate better than they found them, MC Companies also leverages its in-house Sharing the Good Life Foundation, which is a private 501(c)(3). This foundation just reached the milestone of cumulative charitable donations totaling over $1 million impacting communities where MC Companies operates.
Through strategic investments and a focus on the renter experience, MC Companies since its inception has transacted on approximately $3.8 billion in assets and has more than $1 billion in assets under management. It has also just embarked on several new initiatives for significant growth across existing and new markets.
This includes the launch of Operation 25K, designed to grow the MC portfolio to 25,000 units under ownership by 2029. The effort will require the purchase of approximately 2,500 multifamily units annually and the construction of new units, including over 1,100 units now in the MC Companies development pipeline.
“Operation 25K expands our bandwidth so that we can invest at the level that our investors are asking for,” said McElroy. “We have investor relationships that date back decades. Those individuals want more opportunities to capitalize on today’s incredibly strong multifamily fundamentals alongside a company that they trust.”
MC Companies operates primarily in the Southwest, with approximately 7,000 units that are more than 96 percent leased. The majority of these holdings are located in Tucson and metro Phoenix, with select holdings in Oklahoma and Texas. Operation 25K is expected to expand that footprint in these states and into select new U.S. growth markets.
Additional growth is occurring through a new joint venture between MC Companies and a major global institutional investor, which will pursue multifamily development opportunities across Arizona. The first of these developments is the $39.6 million, 156-unit Class A Arroyo Verde apartments, which recently broke ground immediately north of Tucson, Arizona.
“Arizona is our home state, so it is exciting to be able to build here, particularly at a time of such exponential population growth, which in turn creates demand for high quality multifamily product,” said McCallister. “This joint venture allows us to build more great communities with a great capital partner.”
All properties developed with the joint venture will also be managed by MC Residential, which has over 200 property management professionals and a complete range of services including full operations management, marketing, accounting and due diligence.