Scottsdale-based company plans to grow from 6,500 units to 25,000 units under ownership by 2029
Supporting a major portfolio expansion plan, full-service multifamily investment, management and development firm MC Companies has hired David Mannion as its Chief Operating Officer. A 20-year industry veteran, Mannion now serves as part of the MC Companies executive team, adding institutional experience and relationships to grow the company’s multifamily portfolio from 6,500 units to 25,000 units under ownership by 2029.
In his new role, Mannion applies expertise in public and private real estate development, acquisitions, portfolio management and capital markets transactions to drive MC Companies operations and oversee portfolio performance, capital raises and joint-venture relationships.
Prior to joining MC Companies, Mannion served as the head of capital markets for a $15 billion, publicly traded REIT, where he raised several billion of institutional capital. Over the course of his career, Mannion has closed over $7 billion in transactions and managed $24 billion in assets.
“David is a forward-thinking leader with an impressive track record in complex real estate transactions – a valuable combination as we launch our portfolio growth initiative,” said MC Companies Co-Founder and Principal Ken McElroy. “We are thrilled to have him on our team, knowing that he will act as a steward for our investors and employees, and the residents who live in MC Companies communities.”
Celebrating its 20th anniversary this year, MC Companies recently launched Operation 25K, an initiative to grow to 25,000 multifamily units under ownership by 2029. This will require the purchase of approximately 2,500 multifamily units annually. It will also involve new construction (including over 1,100 multifamily units in the MC Companies development pipeline) and will nearly double the MC Companies team to more than 400 employees over the next two to three years.
MC Companies operates primarily in the Southwest, with the majority of their holdings in Tucson and metro Phoenix, and select holdings in Oklahoma and Texas. Operation 25K is expected to expand that footprint into select new U.S. growth markets.
MC Companies founders Ken McElroy and Ross McCallister have been leaders in the multifamily investment industry for over 30 years. The company continues to actively pursue new land for development and existing properties for value-add investment.