McCann Realty Enters Austin, Texas Market, Acquires Remington Hills Apartments

RICHMOND, Va. and AUSTIN, Texas, Dec.15, 2011 /PRNewswire-USNewswire/ -- McCann Realty Partners, LLC ("McCann") announced the acquisition of Remington Hills Apartments in Austin, Texas. Built in 2008, the 208-unit, garden-style community located in south Austin will be managed by Pegasus Residential, LLC. The acquisition was funded in part by a seven-year Freddie Mac mortgage loan with a fixed rate of 4.17 percent originated by Jones Lang LaSalle.

"We have been attempting to enter the Austin market for quite some time and felt Remington Hills 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 Austin," said McCann's Chief Investment Officer Brand Inlow.

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 19 apartment communities totaling more than 4,600 units in transactions valued at approximately $365 million.  It is currently building 690 units in two projects in suburban Houston and north Dallas. For more information, visit www.mrpapts.com.

CONTACT: Fleet Wallace, McCann Realty, +1-804-290-8870

SOURCE McCann Realty Partners, LLC