MC Companies Fully Funds Katy 2 Opportunity Fund

Bolstered by historic multifamily market performance, MC Companies fully funded its Katy 2 Opportunity Fund LP and completed the acquisition of two adjacent multifamily investment properties totaling 648 units in Katy. The acquisition was made possible by an equity portion from MC Companies and its investors, and financed with a loan provided by MF1 Capital.

The transaction includes the 384-unit garden-style Enclave at Cypress Park apartments and the 264-unit garden-style Paramount Apartments. The properties are adjacent to one another along the Barker Cypress thoroughfare just north of Interstate 10, and approximately 20 miles west of downtown Houston near the Energy Corridor. MC Companies will combine and rebrand the properties as The Place at Barker Cypress, following its value-add investment strategy and continuing the renovation program begun by the previous owners.

“We are eager to close more deals of this caliber, as we pursue our goal of 25,000 units under ownership,” said Ken McElroy, MC Companies CEO and co-founder.

CBRE arranged the asset sale and the acquisition financing for the MC Companies deal, with Clint Duncan and Matt Phillips representing the sellers, and Michael Thompson arranging the acquisition financing on behalf of MC Companies.