RICHMOND, Va. and HOUSTON, Dec. 7, 2010 /PRNewswire/ --McCann Realty Partners, LLC ("McCann") announced the acquisition of Carrington at Barker Cypress Apartments in Houston, Texas. The 330-unit, garden-style community located in the northwest submarket of metropolitan Houston was built in 2007 and will be managed by Pegasus Residential, LLC. The acquisition was funded in part by a 10-year Freddie Mac fixed rate loan with a rate of 4.67% originated by Primary Capital Advisors, LLC.
"Carrington at Barker Cypress is a high quality community in an improving Houston submarket with the immediate opportunity to increase economic occupancy and cash flow," said McCann's Chief Investment Officer Brand Inlow.
"We see Houston as a steadily improving market that is driven by strong population growth, steady job growth and very little near-term new apartment supply. We acquired Carrington Barker Cypress, which is an almost new community below its replacement cost with excellent Freddie Mac financing," said John McCann of McCann Realty Partners. "We think we can push effective rents by steadily reducing concessions over the next two years."
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.
Formed in October 2004, McCann Realty Partners and its principals have decades of diverse experience in the apartment business. MRP teams with institutional capital sources to acquire, develop and manage garden apartment communities in the Southeast, Southwest and adjacent regions. By leveraging industry relationships developed during the past 40 years, MRP has demonstrated its ability to access capital and find, finance and close apartment deals. The Company is in the market continuously to acquire both Class A and value added apartment communities of 150 homes or more. MRP is also developing apartment communities in the Southwest. Since inception, MRP has acquired 15 apartment communities totaling over 3600 units in transactions valued at more than $275 million. MRP is also currently developing a 347 unit apartment community in the Pearland area of Houston, Texas. For more information, visit www.mrpapts.com.
Contact: Fleet Wallace, McCann Realty (804) 290-8870
SOURCE McCann Realty Partners, LLC