Real estate developer adds management arm

By: Lee Fehrenbacher//May 14, 2014//

Real estate developer adds management arm

Lee Fehrenbacher//May 14, 2014//

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Mack Urban, a relatively new real estate investment and development firm based in Seattle, this week launched a residential property management affiliate: Mack Urban Communities.

The firm officially entered the Portland market earlier this year, when it announced the partnership between New York-based Mack Real Estate Group and Los Angeles-based Urban Partners LLC. The company is finalizing plans for a 278-unit mixed-use development on Block 37 in the South Waterfront District.

Richard Mack, CEO of the Mack Real Estate Group, said in a prepared statement that Mack Urban is aiming to develop an extensive portfolio of institutional-quality multifamily developments, and that investors have revealed an interest in vertically integrating property management responsibilities within the company.

Mack Urban Communities is operating only in Seattle and Southern California, but company spokeswoman Kym Michela said the property management arm will manage the Block 37 project once it is complete.

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