MC Cos. Buys 130-Unit Terracina Apartments
Arizona-based MC Cos., an active Texas investor, has added the 130-unit Terracina Apartments in northwest Austin to its portfolio, jump-starting the investment with a name change.
The Place at Terracina at 8100 N. Mopac Expressway was 95 percent leased at sale time. The asset sits on 7.35 acres near the Arboretum, one of Austin's upscale retail and residential corridors. MC Residential Communities will handle day-to-day management for its parent company.
"There is very little new supply coming online within the area, and there is a relatively large affordability gap between renting and home ownership," said Ryan Francisco, MC Cos.' acquisitions director." Additionally, the property has undergone significant interior and exterior renovations."
The Place at Terracina has one-, two- and three-bedroom units ranging from 702 square feet to 1,314 square feet. Internet research shows rents starting at $760 and ending at $1,499 per month.