RICHMOND, Va., DALLAS and SAN ANTONIO, Feb. 27, 2013 /PRNewswire-USNewswire/ -- McCann Realty Partners, LLC ("McCann" or "MRP") announced the acquisition of the View at Encino Commons Apartments in San Antonio, TX. Built in 2001, the 324-home, garden-style community located in San Antonio will be managed by Pegasus Residential, LLC. Amenities at the property include an elegant clubhouse with a fitness center, a resort-style swimming pool and a movie theatre. The acquisition was funded in part by a seven-year Freddie Mac mortgage loan with a fixed rate of 3.37 percent originated by Wells Fargo Multifamily Capital.
"We have been targeting the San Antonio market for quite some time due to its dynamic job growth prospects and strong business climate. The acquisition of the View at Encino Commons allows us a point of entry. McCann plans to do a modest interior and amenity upgrade to the property," said McCann's Chief Investment Officer Brand Inlow. "The property is a low density "Big House" product with attached garages. We believe rents will continue to grow for the next several years and are actively looking to add more apartments in San Antonio. The View at Encino Commons is located in one of San Antonio's most vibrant growth corridors which really appealed to us."
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 multi-family experience and a very strong reputation in the apartment industry. John McCann was a former long-time CEO of UDR, Inc. and a past board member of the National Multi-Housing Council. With offices in Richmond, Virginia and Dallas, Texas, MRP teams with institutional capital sources to acquire, develop, redevelop and operate apartment communities in the Southeast, Southwest, Mid-Atlantic and adjacent regions.
The Company is in the market continuously to acquire both Class A and value-add apartment communities. MRP is also currently developing apartment communities in Dallas, Houston and Orlando.
For more information about acquisitions, please contact Brand Inlow, Chief Investment Officer, at (804) 290-8870 or Denise Fansler, Vice President of Acquisitions, at (214) 363-6200. For more information about development, please contact Mark Wood, Director of Development, at (214) 363-6200. Please visit www.mrpapts.com.
Contact: Fleet Wallace, McCann Realty (804) 290-8870
SOURCE McCann Realty Partners, LLC