MACK Sells 93 Homes to ARP

CHICAGO, IL- The MACK Companies has just announced the sale of another 93 single-family homes to American Residential Properties, an Arizona-based REIT, for more than $12 million. This follows a similar $28 million December deal between the companies for a collection of 196 homes, an agreement that MACK officials described as the largest performing single-family asset deal in the United States in 2012.    

MACK and ARP have an agreement which they say will transfer 30 to 50 homes each month from the Tinley Park-based MACK to ARP and may eventually total 1,000 homes. MACK mostly purchases foreclosed homes within 30 miles of its headquarters and continues to manage the properties after transferring them to ARP.