(Plano) - MC Cos. bought its third Texas property within the past year, adding the 204-unit Harvestree Apartments to its growing portfolio. The Scottsdale, AZ buyer paid Hall Financial Group just south of the $14 million asking price for ownership rights to the Class B complex.

Tom Burns, associate partner with Hendricks & Partners' Dallas office, said MC Cos. plans to upgrade the units and take them to market rents. Upon renovation, rent on the apartments 5401 Independence Pkwy. could increase anywhere from $.10 to $12 per sf.

The 97 percent-occupied Harvestree Apartments was built in the 1980s on 11.3 acres and consists of two-bedroom apartments, ranging from 873 sf to 1,189 sf. Market rents are between $725 and $860 a month.

"Hall had gone in and renovated a handful of units, and was able to get $135 to $150 over the market," Burns said. "As for the property itself, the units themselves aren't in serious need of renovation. They just need a little updating."