Two apartment buildings in Katy are getting an upgrade along with new owners. MC Companies has acquired the two adjacent multifamily investment properties, totaling 648 units, according to a press release.
The two properties included in the purchase are the 384-unit, garden-style Enclave at Cypress Park Apartments and the 264-unit, garden-style Paramount Apartments.
The buildings sit next to each other on Barker Cypress, just north of I-10 and near the Energy Corridor, about 20 miles west of downtown Houston.
MC Companies will combine and rebrand the two properties as The Place at Barker Cypress, following its “value-add investment strategy,” which focuses on acquiring and improving properties in metropolitan communities for long-term investment.
The company will also continue the renovation program initiated by the previous owners. They will have the opportunity to add value to 328 of the 648 properties at The Place at Barker Cypress through upgrades and renovations.
MC Companies CEO and Co-Founder Ken McElroy said in the press release that the company aims to secure 25,000 units under its ownership by 2029 through deals such as this one in Katy. The company is actively pursuing new land for development and existing properties for value-add investment.
MC Companies CEO David Mannion told Houston Agent magazine that there are a host of reasons they invest in the Houston market. “Strong economic growth, a willing-to-work labor force, business-friendly policies and sustained in-migration figures all lend support to grow our investment footprint inside Houston and other Texas markets,” Mannion says. “We will continue to seek more opportunities to expand our Houston-based holdings as we contribute to the local economy, providing workforce housing and career opportunities at each of our property sites.”
Based in Arizona, MC Companies is a real estate investment, development, construction and management company that specializes in multifamily properties and commercial markets. This new Barker Cypress investment is the result of MC Companies’ fully funded Katy 2 Opportunity Fund. The company was able to acquire the property by an equity portion from the company and its investors. The purchase was financed with a loan provided by MF1 Capital.