Multifamily leader MC Cos., with a fund managed by global real estate investment firm Kennedy Wilson, has recapitalized five multifamily communities with 1,042 units in Arizona and Texas.
According to MC Cos., the transaction will enable the company to reinvest in the communities and enhance the resident experience.
“This transaction reflects the strength of our partnership with Kennedy Wilson and our shared vision for long-term value creation,” said Charlie Koznick, chief investment officer at MC Cos., which will retain property management responsibilities at the communities. “Together, we are bringing fresh investment, rebranding, and renewed energy into these communities while delivering stability and growth for our investors.”
The communities include:
- Altair Apartments, formerly The Place at Santana Village, in Peoria, Arizona;
- Luma Apartments, formerly The Place at Village at the Foothills, and Mica Apartments, formerly The Place at Edgewood, in Tucson, Arizona;
- The Place at Fountains at Sun City, which will soon have a new name, in Sun City, Arizona; and
- The Wexley Apartments, formerly The Place at Harvestree, in Plano, Texas.
Koznick added that this transaction is a forward-looking play. “We’re not just buying and selling—we’re building staying power for our residents and investors.”
MC Cos. owns and operates over 6,500 units across 28 multifamily communities in Arizona, Nevada, and Texas. Since 2001, it has executed on approximately $3.8 billion in multifamily assets.
“This recapitalization initiative with MC Cos. expands Kennedy Wilson’s multifamily presence in high-growth markets and enables us to provide high-quality rental opportunities in these vibrant markets through our institutional-quality asset management expertise,” noted Kendrick Askew, managing director in Kennedy Wilson’s multifamily investment group. “It presents a unique chance to invest in a portfolio that promises both stability and growth, leveraging the demographic and economic trends shaping the Sun Belt region.”