March 28, 2019
It has been a fast-paced start to 2019 at MC!
- We are please to announce that we have completed the sale of ten properties in Tucson, Tulsa, San Antonio, Austin and Houston.
- We have finalized the 1031 exchange which began in the fall of 2019, with four of our existing properties.
The Place at Riverwalk: Our newest community is currently on pace to open our 3-story clubhouse in early May. Preleasing of our 210 units began in in the second week of March and is proceeding as anticipated, with our first move-ins scheduled for May. This desirable location will offer a heated swimming pool with a built-in lagoon, cabanas and dive-in movies, a Bark Park for our residents’ canine friends, an Amazon Hub parcel depot and direct access to “The Loop”, Tucson’s 131 miles of extremely popular exercise trails. Construction is currently due to complete in October of 2019, with the seven various residential buildings being phased in throughout the year.
We still see for 2019 the multifamily real estate prices peaking and interest rates dropping. Most of the markets MC invests in are continuing to experience solid employment growth, and deliverables are expected to reach a high this year. This will likely put downward pressure on revenue unfortunately; so, we anticipate slowed growth. We continue to focus on pricing, promotion and resident satisfaction. Invitations have been sent out to our current investors for the annual Investor Summit, May 15th and 16th. If you haven’t already, please be sure to RSVP to Autumn Selwood at your early convenience. As usual we will have presentations from our marketing department and Lesley Brice will share some of her insights into 2019. We look forward to another informative and productive Summit.