Orinda-based Mackenzie Realty Capital, Inc. (MKZR) announced that its multifamily assets and development property have been contributed to a newly created entity, MacKenzie Apartment Communities, Inc. (MAC). MAC is a separate, standalone company focused on developing and owning multifamily properties on the West Coast. MAC is currently 100% owned by MKZR.
The four stabilized properties and one development project now owned by MAC were last appraised as of March 31, 2025. The newly constructed Aurora at Green Valley in Fairfield has not been appraised yet. Using the appraised values determined by appraisals plus the total construction cost of Aurora, the MAC board determined a NAV of $18.10 per share.
Robert Dixon, CEO of MKZR, said, “With this vehicle, we have several new options. We could raise money specifically for multifamily assets only; we could merge MAC with another multifamily-focused REIT, or we could spin off the MAC shares to our MKZR shareholders on a 1:1 basis. MAC has a very clean balance sheet and a lot of tailwinds, and we are excited about its future.”
