Multifamily investor, developer and manager MC Companies has announced its acquisition of Briarcrest Apartments, a value-add multifamily community located just north of Dallas. Built in 1983, the property’s apartment units have not been renovated since delivery to market, offering significant upside opportunity through a strategic capital improvement plan.
“This asset is a rare find, where 100 percent of its unit interiors have been untouched by renovation, despite being consistently owned and managed by institutional-level entities,” said MC Companies Co-Founder and Principal Ken McElroy. “It is a tremendous opportunity for MC Companies to do what it does best, which is to renovate to modern standards—maximizing comfort and convenience for our residents and delivering strong returns for our investors.”
Founded in 2001 by industry experts Ken McElroy and Ross McCallister, MC Companies develops, acquires, renovates and manages multifamily property in select U.S. 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 more than 7,400 units that are more than 96 percent leased in markets including Houston, Dallas, San Antonio, Phoenix, Tucson, Flagstaff and Tulsa.
Located at 1330 Mac Arthur Drive, Briarcrest totals 238 units with large, all-two-bedroom floorplans (including 38 townhome units) at an average size of 961 square feet. Community amenities include a resort-style pool with grills and seating, business center, 24-hour fitness center, playground and bark park.
The property sits in the heart of the DFW logistics sector, close to Dallas-Fort Worth International Airport and easily accessible via Interstates 635 and 35E, the President George Bush Turnpike (PGBT), and the Sam Rayburn Tollway (SRT). It is part of the DFW metro area, which in 2020 ranked first in the nation for population growth.
The community is also located along the Carrolton Blue Line Trail, a 7.8-mile paved trail designed for runners, walkers, skating and bike riding.
“This is a thriving residential submarket with significant housing demand, but only one other multifamily property under construction within a four mile radius,” said MC Companies Chief Operating Officer David Mannion. “Once renovated, Briarcrest will provide the contemporary features that renters are looking for in today’s market, with uniquely large floorplans that will give it a strong competitive advantage against neighboring apartments.”
Interior renovation plans for Briarcrest include upgrading counters, cabinets, flooring, fixtures and appliances. The company will also incorporate a technology package into each improved unit, add in-unit washers and dryers and enlarge the on-site fitness center. Renovation construction activity is now underway, with phased completion over the next 24 months.
The renovation at Briarcrest Apartments will be managed by MC Development, the construction arm of MC Companies. Leasing and management will be directed 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.