McCann Realty Enters Orlando Market, Acquires Vista at Lost Lake Apartments in Clermont, Florida
RICHMOND, Va. and CLERMONT, Fla., May 30, 2012 /PRNewswire/ -- McCann Realty Partners, LLC ("McCann") announced the acquisition of Vista at Lost Lake Apartments in Clermont, Florida. Built in 2007, the 276-unit, garden-style community located in the Lake County submarket of Orlando will be managed by Pegasus Residential, LLC. The acquisition was funded in part by a 7-year Fannie Mae fixed rate loan with a rate of 3.54% originated by Beech Street Capital.
"We have been attempting to enter the greater Orlando market for quite some time and felt Vista at Lost Lake was a great opportunity to do so. We believe rents will continue to grow for the next several years and are actively looking to add more assets in Orlando," said McCann's Chief Investment Officer Brand Inlow. "We really like the location adjacent to retail and so close to highly rated schools."
In conjunction with the purchase, McCann acquired an adjacent parcel of 16.4 acres and plans to build an additional 192 apartments as a second phase within the next year.
McCann is currently seeking apartment acquisitions in the Mid-Atlantic, Southeast and Texas. For more information, please contact Brand Inlow, Chief Investment Officer, at (804) 290-8870 or Denise Fansler, Vice President of Acquisitions, at (214) 363-6200.
McCann Realty Partners and its principals have decades of diverse experience in the apartment business. With offices in Richmond, Virginia and Dallas, Texas, MRP teams with institutional capital sources to acquire, develop and manage apartment communities in the Southeast, Southwest and adjacent regions. The Company is in the market continuously to acquire both Class A and value-add apartment communities of 150 units or more. The Company also develops apartment communities in Texas.
Since inception, MRP has acquired 21 apartment communities totaling more than 5,200 units in transactions valued at approximately $420 million. In 2011, MRP added 1,276 units for a combined purchase price of more than $100 million and began construction on 690 units in two projects in suburban Houston and north Dallas. For more information, visit www.mrpapts.com.
Contact: Fleet Wallace, McCann Realty (804) 290-8870
SOURCE McCann Realty Partners, LLC
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