$39.6 million Arroyo Verde under development near Tucson

Scottsdale, Arizona-based multi-family investor, developer and manager MC Companies has announced that it will develop Arroyo Verde, a $39.6 million, 156-unit Class A multi-family development in the suburbs immediately north of Tucson. , Arizona, where tenant demand continues to outstrip supply. The community will be the first in a new joint venture between MC Companies and a global institutional investor, created to support the development growth of both companies across Arizona.

Located on over 9 acres on the northeast corner of La Cholla Blvd. and Old Magee Rd., Arroyo Verde will offer seven luxury floor plans ranging from 764 square feet to 1,408 square feet, with studio, one-, two-, and three-bedroom configurations.

“We have seen Arizona’s need for multi-family housing firsthand, and we are extremely excited about this opportunity to provide a new series of high-quality, in-demand products in our home state,” said the co-founder and principal Ross of MC Companies. McCallister. “We are honored to do this alongside a global partner known for its multi-family acumen, and appreciate our friends at CapMatrix for making the introduction.”

“Our goal as a strategic capital markets advisory firm is to facilitate IPOs and help structure long-term partnerships between the best providers of capital and experienced, innovative developers,” said Roman Nelson, main of CapMatrix. “In this case, we know we have achieved that goal.”

Founded in 2001 by industry experts Ken McElroy and Ross McCallister, MC Companies develops, acquires, renovates and manages multifamily properties in select US growth markets, with the goal of “Sharing the Good Life” by maximizing property value. assets thanks to strategic investments and a prime tenant. live. The company has a growing portfolio, currently totaling approximately 7,000 units that are over 96% leased in markets such as Houston, Dallas, San Antonio, Phoenix, Tucson, Flagstaff and Tulsa.

At Arroyo Verde, MC Companies will incorporate a resort-style swimming pool with cabanas and barbecue stations, a residents’ meeting room, a residents’ clubhouse and a high-end fitness center. Individual units will feature granite countertops, black appliance clusters, modern flooring, fiber optic cable and internet service and contemporary open designs with high ceilings and walk-in closets.

Construction of Arroyo Verde began this month and is expected to be complete by Q4 2023. The general contractor for the project is Clark Wayland. The project architect is Dean Alan Architects.

Leasing and management at Arroyo Verde is managed by MC Residential Communities LLC, a subsidiary of MC Companies which manages investments exclusively for MC Companies with over 200 property management professionals and a full range of services including full operations management , marketing, accounting and due diligence.

MC Residential will begin leasing in Arroyo Verde during the second quarter of 2022.

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Edward L. Robinett