ORINDA, Calif., Feb. 26, 2025 (GLOBE NEWSWIRE) — MacKenzie Realty Capital, Inc. (Nasdaq: MKZR) (“MacKenzie” or the “Company”) announced that it signed a nonbinding letter of intent to expand its multi-family portfolio in Solano County, California, with a waterfront development property located adjacent to the Solano Yacht Club (“Westwind Residences”), a 5.73 acre parcel on which the Company hopes to develop 81 multi-family apartment units and 7 townhomes. Westwind Residences is a waterfront property located in downtown Suisun City, California. As previously reported, MacKenzie has two other developments in Solano County, including the 74-unit Aurora at Green Valley, which is proceeding under budget and ahead of schedule and is set to deliver its first units this summer. MacKenzie’s second multi-family development, Blue Ridge at Suisun Valley, is entitled for 84 units, and we intend to break ground in late 2025.
“Westwind Residences will be our largest development to-date, and the highest profile, with its waterfront location right in downtown Suisun City” stated Robert Dixon, president of Mackenzie. “It is a couple of blocks away from our property at One Harbor Center, the premier office location in Suisun City. We believe Solano County, and Suisun City in particular, is poised for extraordinary growth in the near future, with its location near Travis Airforce Base and multiple planned developments, including many that have been in the news lately.”
Further, Chip Patterson, MacKenzie’s Chairman noted that “We are excited about multifamily projects in California. For example, our Southern California multi-family project, Hillview Hollywood, has 96% of its units currently occupied, and we have received a loan commitment for a refinancing that is scheduled to close in about 3 weeks, which will bring our interest rate down from 10% to about 5.8% at today’s rates.”
About MacKenzie Realty Capital, Inc.
MacKenzie, founded in 2013, is a West Coast-focused REIT that intends to invest at least 80% of its total assets in real property, and up to a maximum of 20% of its total assets in illiquid real estate securities. We intend for the real property portfolio to be approximately 50% multifamily and 50% boutique class A office. The Company has paid a dividend every year since inception. The current portfolio includes interests in 4 multifamily properties and 8 office properties plus 2 multifamily developments.
For more information, please contact MacKenzie at (800) 854-8357. Please visit our website at: http://www.mackenzierealty.com
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, among others, our ability to remain financially healthy, and our expected future growth prospects. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terms such as “anticipate,” “estimate,” “believe,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “should,” “will,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target,” “trajectory,” “focus,” “work to,” “attempt,” “pursue,” or the negative of these terms or other comparable terms. However, the absence of these words does not mean that the statements are not forward-looking. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. For a further discussion of factors that could cause our future results, performance, or transactions to differ significantly from those expressed in any forward-looking statement, please see the section titled “Risk Factors” in annual reports on Form 10-K and quarterly reports on Form 10-Q that we file with the Securities and Exchange Commission from time to time.
89 Davis Road, Suite 100 • Orinda, California 94563 • Toll-Free (800) 854-8357 • Local (925) 631-9100 • www.mackenzierealty.com
IR CONTACT
Andrew Barwicki
516-662-9461
andrew@barwicki.com
