MCRE Company Profile

Background

Mountain Classic Real Estate, Inc. (MCRE) is a value-add developer based in Salt Lake City, Utah, specializing in high-design, creative projects, including extensive remodels and complex asset conversions. Established in the early 2000s by David and Kevin Phipps, MCRE has become one of the most acclaimed historic renovation specialists in the Intermountain West, holding the position of the largest historic renovator in Utah for five consecutive years.

Key Strategic Focus

MCRE's strategic focus encompasses:

Core Objectives: To deliver exceptional value through hands-on real estate investment, management, and leasing, guided by the highest standards of integrity, service, and results.

Areas of Specialization:

Historic Renovations: Preserving and revitalizing historic properties, with over $125 million invested in recent years.

Hotel-to-Multifamily Conversions: Converting underutilized hotels into modern multifamily housing, with a pipeline of over $500 million in planned conversions over the next three years.

Land and Ground-Up Development: Developing industrial subdivisions, multifamily parcels, and residential subdivisions in Northern Utah and Salt Lake City.

Key Technologies Utilized: MCRE employs advanced construction techniques and design methodologies to ensure high-quality outcomes in their renovation and development projects.

Primary Markets Targeted: Utah, with a focus on Salt Lake City and Northern Utah, addressing the shortage of attainable housing through innovative redevelopment projects.

Financials and Funding

MCRE has transacted over $250 million, creating over $100 million in incremental asset value. The company has a robust pipeline, with plans to convert over $500 million worth of real estate over the next three years. Specific details regarding funding history, total funds raised, recent funding rounds, and notable investors are not publicly disclosed.

Pipeline Development

MCRE's pipeline includes:

Hotel-to-Multifamily Conversions: Plans to convert over $500 million worth of real estate over the next three years.

Historic Renovations: Ongoing projects in the Intermountain West, with a focus on preserving historic character in legacy properties.

Land and Ground-Up Development: Development of industrial subdivisions, multifamily parcels, and residential subdivisions in Northern Utah and Salt Lake City.

Technological Platform and Innovation

MCRE distinguishes itself through:

Proprietary Technologies: Utilization of advanced construction techniques and design methodologies to deliver high-quality outcomes in renovation and development projects.

Significant Scientific Methods: Implementation of innovative design concepts, such as open, tech-oriented designs inspired by Silicon Valley, to modernize historic properties.

Leadership Team

The leadership team at MCRE includes:

David Phipps: Co-founder and key decision-maker in the company's strategic direction.

Kevin Phipps: Co-founder and instrumental in overseeing project execution and operations.

Additional Team Members: Specific roles and professional backgrounds of other team members are not publicly disclosed.

Competitive Landscape

Market Insights and Dynamics

The real estate development market in Utah, particularly in historic renovations and hotel-to-multifamily conversions, is characterized by:

Market Size and Growth Potential: A growing demand for attainable housing and the revitalization of historic properties, presenting significant opportunities for developers.

Industry Trends: A shift towards sustainable and innovative redevelopment projects, with a focus on preserving historic character while meeting modern housing needs.

Competitor Analysis

Key competitors in the Utah real estate development market include:

Murchison Commercial Real Estate, Inc.: Focuses on non-institutional retail properties in high-growth metro areas across the Southeastern U.S. and Texas, specializing in neighborhood shopping centers.

MC Real Estate Partners (MCRE Partners): A privately held owner/operator of office and multifamily properties in the New York, Boston, and Washington, D.C. metro areas, focusing on market repositioning and rebranding.

MCRE Management Partners, LLC: Specializes in commercial property investment and management, focusing on neighborhood shopping centers in the Southeastern U.S. and Texas.

Strategic Collaborations and Partnerships

MCRE has engaged in significant collaborations, including:

Fortress Investment Group: Sold the Felt and Clift Buildings in a portfolio sale, achieving the highest per square foot historic building sale in Utah's history.

China Rare Earth Corporation: MCRE Resources Sdn. Bhd., a related entity, has exclusive rights to utilize advanced rare earth mining technology from this corporation.

Operational Insights

MCRE's strategic considerations include:

Major Competitors: Companies like Murchison Commercial Real Estate, Inc. and MC Real Estate Partners operate in different geographic regions, reducing direct competition.

Market Position: MCRE holds a strong position in the Utah market, particularly in historic renovations and hotel-to-multifamily conversions.

Competitive Advantages: Expertise in historic preservation, innovative design approaches, and a robust pipeline of projects.

Strategic Opportunities and Future Directions

MCRE's strategic roadmap includes:

Expansion: Leveraging expertise in hotel-to-multifamily conversions to enter new markets.

Innovation: Continuing to implement high-design solutions in historic renovations to set industry standards.

Sustainability: Focusing on sustainable development practices to meet growing demand for eco-friendly housing solutions.

Contact Information

Official Website: Available upon request.

Social Media Profiles: Specific social media profiles are not publicly disclosed.

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