SCOTTSDALE, Ariz., Jan. 9, 2014 /PRNewswire/ -- Scottsdale-based MC Companies, a real estate investment, management, development and construction company adds 208 units to its portfolio with the purchase of The Place at 81 Yale in Tulsa, Oklahoma. MC Companies has more than 6500 units total throughout Arizona, Nevada, Oklahoma, Oregon and Texas.
The acquisition provided MC Companies with a solid investment opportunity primarily due to three things: 1) an outstanding location, 2) management improvement opportunities, and 3) interior and exterior physical improvements that will result in higher rents.
Rebranding the property to fit with the company's brand and market strategy require more than a name-change. The property will undergo approximately $875,000 in renovations, improvements and repairs. New management and professional marketing will position The Place at 81 Yale to fit within the demographic of its locale, focusing on customer service and amenities that encourage a sense of community.
MC Residential, MC Companies' in-house management company will service the community. MC Residential president, Lesley Brice is looking forward to the changes they will bring to the property, and said that investors and community residents will benefit from the planned improvements. Brice said the residents will appreciate the service provided by MC Residential. "The Place at 81 Yale will soon become an address people associate with quality living, good value and a fun vibe that is developed on what our customers say they want. At MC Residential we build lifestyle and personality into each and every community we purchase. We are proud to boast about how our residents benefit from our owner-management mentality," said Brice.
The Place at 81 Yale (formerly known as The Lodge) is located in desirable South Tulsa, and is convenient to public transportation. The 208 one and two-bedroom units range in size from 675 to 900 square feet, with an average of 756 square feet. The community amenities include lodge-style community center, swimming pool, and community pond. Planned amenities include a dog park, park space with disc golf, resident business center with Wi-Fi, and outdoor kitchen with barbeque. Unit amenities include open floor plans, oversized closets, wood-burning fireplaces. Planned in-unit upgrades include new appliances and lighting, accent walls and select units will feature washers and dryers and stained concrete floors.
Director of Capital and Acquisitions for MC Companies, Tanner Bickelhaupt, summarizes the company's investment strategy: "Creating value, by effectively managing and reposition assets, is one of the most important elements of what we do. The Place at 81 Yale is an ideal acquisition for us and our investors due to the value add opportunities, strong cash flow and its location within the strong Tulsa marketplace."
About MC Companies:
MC Companies http://www.mccompanies.com is a real estate investment, development, construction, and management company specializing in the multifamily properties and commercial markets. MC seeks opportunities where they can add value through capital improvement, revenue enhancements and expense reduction through utilization of proven operational efficiencies and management processes. MC Companies has completed over $350 million in multi-family and commercial value-added transactions since 1985, including more than 10,000 apartment units in Arizona, Nevada, Oklahoma, Oregon and Texas.
MC Residential http://www.mcresidential.com
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