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| Rental housing in Country Club Hills, IL |
CHICAGO, IL (March 8, 2013) – MACK Companies, the largest
redeveloper of single-family investment properties in Chicago, has announced
the sale of 93 more investment properties to American Residential Properties, a
Phoenix area real estate investment trust, for more than $12 million.
This sale comes on the heels of a $28 million, 196
single-family rental property deal that took place between the two companies in
December of last year, said James McClelland, president and CEO of
Tinley Park, Ill.-based MACK Companies.
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| James McClelland |
“This deal reflects
another step in the long-term partnership between MACK and ARP,” said
McClelland. “As the single-family rental market continues to flourish, we know
that there will be ample opportunities to provide ARP with the product that
they seek—performing single-family homes, expertly managed in prime locations.
“These deals with MACK allow each company to focus on what
it does best,” said Steve Schmitz, CEO of ARP. “We are essentially
investing in MACK just as much as we are investing in these properties. As our
Preferred Operating Partner, it is their job to ensure that these properties
are performing at their highest level and consistently brining value to us, the
owner.”
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| Steve Schmitz |
MACK and ARP have reached an agreement that would supply ARP
with up to 30-50 fully rented properties each month during the next 24-36
months. The transactions could total up to 1,000 MACK properties purchased by
ARP, said McClelland.
For a complete copy
of the company’s news release, please contact:
Mark Thomton,
312-267-4523
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