Both The Chicago Tribune and The SouthTown Star recently reported that MACK Companies bought the Fay’s Point Housing development project in Blue Island, Illinois. The development was purchased for $1.5 million and 27-acre site is situated comfortably between the Little Calumet River and the Calumet Sag Channel. MACK will start work in the third quarter on eight of forty-four additional lots. The deal also includes developable land that could accommodate up to 236 housing units.
Archive for MACK in The News
MACK Congratulates ARP Inc. On Their Initial Public Offering!
MACK Companies would like to congratulate our partners at American Residential Properties (ARPI) on raising $287.7 million in an initial public offering. ARP sold 13.7 million shares at $21 each and told Bloomberg that the proceeds from the offering will be used to grow its business in the single-family home rental market.
James “MACK” McClelland A Panelist At CBRE’s Multi-Housing Conference
MACK Companies President and CEO, James McClelland was a Panelist at Commercial Real Estate Services’ Multi Housing conference where he gave the single-family operators stance on the investment values, operating platforms and the asset class’ impact on the valuation of the multifamily sector.
MACK Companies Featured in Fox Business News Segment
MACK Companies’ VP of Sales and Marketing, Eric Workman, was interviewed on Fox Business News yesterday regarding single-family rentals in the Chicago-land area. This report by Fox comes in the light of increased interest in MACK’s business model as well as MACK Companies. Mr. Workman also spoke about the area’s economic diversity and a more fragmented housing supply that differs in many ways across the landscape.
MACK Companies: Chicago Still Compares Favorably To Other Cities
Chicago Real Estate Daily just released an article today which speaks about how Chicago may not be the most profitable place to buy and rent single-family homes but it is nothing to sneeze at. In fact the Chicago-land area fares well against most other large metropolitan areas. On the average a cash buyer of a three-bedroom home in the Chicago area receives a 7.2 percent initial yield according to RealtyTrac Inc. While the price increases have begun here just as they did in California and elsewhere, the yields haven’t dropped as much.
MACK Continues To Make Headlines With A Record Deal
MACK Companies has recently been featured on Chicago Real Estate Daily and in this month’s issue of Personal Real Estate Investor Magazine. The article is titled “Wall Street Needs You? Single-Family Homes Mature As An Asset Class” and speaks to the maturation of the single-family asset class. MACK’s portfolio sale to American Residential, worth $28 million, is proof. That deal “signifies a validation of the fact that we have an asset class here that is becoming more institutionalized,” said Eric Workman, Vice President of Sales and Marketing for MACK.
CBS Chicago: MACK Companies Transforms Foreclosures
CBS 2′s Derrick Blakley released a detailed report yesterday regarding MACK Companies‘ ability to transform foreclosed properties into move-in ready single family rentals. MACK has bought more than 1,000 foreclosed houses, renovated them and rented them out to new tenants. “When you’re doing the same thing to all the homes, it’s almost like an assembly line,” said Eric Workman, MACK’s VP of Sales and Marketing.
We feel great about such coverage because it speaks to the value of our business process. MACK Companies helps raise property taxes for governments, property values for neighbors and has the ability give new hope to renters, who then have the option to buy their home.
Builder features MACK: Hitting Single-Family Rental’s Sweet Spot
MACK Companies continues to make headlines regarding the largest transaction of performing single-family rentals in the U.S. Builder Magazine recently ran an article about MACK’s sale of 196 homes to a Scottsdale, Arizona, based real estate investment firm, American Residential Properties. MACK will continue to manage those properties as well as supply ARP with roughly 30 and 50 properties per month over two to three years. Fourteen investment groups approached James McClelland, MACK’s president and CEO, “But they were not realistic; they wanted to grow faster than the asset class would allow.” American Residential Properties was and is one of the few investment groups that aligned with MACK in terms of understanding how an investment strategy for single-family rental needs to be scaled to market demand.
Single-Family Rental Homes: Distressed Bets Are Now Paying Off
The Wall Street Journal ran an article this week regarding early sellers scoring big from selling off properties in bulk. The Article’s author, Nick Timiraos, used MACK Companies as an example pointing to the sale of 196 homes to a Scottsdale, Arizona, based real estate investment firm, American Residential Properties. This record deal leaves little doubt that single-family rental homes are now one of the hottest asset classes.
Institutional investors have come to value foreclosures, which can be given new life as rental properties. Nationally homes prices have continued to rise by 6% while much of the nation’s inventory continues to shrink. The perfect combination of economic factors makes Chicago one of if not the best location to invest in single-family rental homes.
Couple Finds ‘Blessing’ in MACK Companies’ Rent-to-Own Program
CHICAGO (November 9th, 2012) – When Thomas Grant, 50, and his wife Michelle, 41, realized they had outgrown their rental home they were worried they had boxed themselves into a corner.
The couple knew they didn’t want to continue to rent a home, but they were also afraid low credit scores due to Thomas’ job loss a few years ago would prohibit them from buying a home, even though Thomas now has a job as a research analyst.
“I knew I wanted to get out of a straight rental arrangement,” said Thomas. “I’m only going to be working another 15-20 years and I don’t want to rent in retirement. It’s important to me to start paying down a mortgage soon and make my cost of living much more affordable when I retire.”