$39.6 million Arroyo Verde being developed near Tucson
Scottsdale, Arizona-based multifamily investor, developer and manager MC Companies has announced it will develop Arroyo Verde, a $39.6 million, 156-unit Class A multifamily development in the suburbs immediately north of Tucson, Arizona, where renter demand continues to outstrip supply. The community will be the first for a new joint venture between MC Companies and a global institutional investor, established to bolster the development growth of both companies across Arizona.
Located on more than 9 acres at 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 multifamily housing up close and personal, and are extremely excited for this opportunity to deliver a new round of high-quality, in-demand product within our home state,” said MC Companies Co-Founder and Principal Ross McCallister. “We are honored to do this alongside a global partner known for its multifamily acumen, and appreciate our friends at CapMatrix for making the introduction.”
“Our goal as a strategic capital markets advisory firm is to facilitate introductions and help structure long-term partnerships between best-in-class capital providers and experienced and innovative developers,” said CapMatrix Principal Roman Nelson. “In this case, we know we have accomplished that objective.”
Founded in 2001 by industry experts Ken McElroy and Ross McCallister, MC Companies develops, acquires, renovates and manages multifamily property in select US growth markets, with a goal of “Sharing the Good Life” by maximizing asset value through strategic investment and a premier renter experience. The company boasts a rapidly expanding portfolio, currently totaling approximately 7,000 units that are more than 96 percent leased in markets including Houston, Dallas, San Antonio, Phoenix, Tucson, Flagstaff and Tulsa.
At Arroyo Verde, MC Companies will integrate a resort-style pool with cabanas and barbeque stations, a resident gathering room, resident clubhouse, and high-end fitness center. Individual units will feature granite countertops, black appliance packages, modern flooring, fiber optic cable and internet service and contemporary open designs with high ceilings and walk-in closets.
Construction on Arroyo Verde began this month and is expected to complete by fourth quarter 2023. The project general contractor is Clark Wayland. The project architect is Dean Alan Architects.
Leasing and management at Arroyo Verde is being handled by MC Residential Communities LLC, an MC Companies affiliate that manages investments exclusively for MC Companies with over 200 property management professionals and a complete range of services including full operations management, marketing, accounting and due diligence.
MC Residential will begin leasing at Arroyo Verde during the second quarter of 2022.