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Mackenzie Realty Spins Off Apartment Properties into Standalone Company

Orinda-based Mackenzie Realty Capital, Inc. (MKZR) announced that its multifamily assets and development property have been contributed to a newly created entity, MacKenzie Apartment Communities, Inc. (MAC).  MAC is a separate, standalone company focused on developing and owning multifamily properties on the West Coast.  MAC is currently 100% owned by MKZR.  

The four stabilized properties and one development project now owned by MAC were last appraised as of March 31, 2025.  The newly constructed Aurora at Green Valley in Fairfield has not been appraised yet. Using the appraised values determined by appraisals plus the total construction cost of Aurora, the MAC board determined a NAV of $18.10 per share.  

Robert Dixon, CEO of MKZR, said, “With this vehicle, we have several new options.  We could raise money specifically for multifamily assets only; we could merge MAC with another multifamily-focused REIT, or we could spin off the MAC shares to our MKZR shareholders on a 1:1 basis.  MAC has a very clean balance sheet and a lot of tailwinds, and we are excited about its future.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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