Saturday, March 9, 2013

MACK Companies Sells 93 More Single-Family Rentals to American Residential Properties, Inc. for $12 Million



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.

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.” 
  
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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