McCANN REALTY PARTNERS ACQUIRES THREE PROPERTIES TOTALING 838 UNITS IN 4TH QUARTER 2021

RICHMOND, Va., Jan. 12, 2022 /PRNewswire/ -- McCann Realty Partners ("McCann") announced the addition of three properties totaling 838 apartment homes to its portfolio in the 4^th quarter of 2021 with the acquisition of two garden-style communities in suburban Houston, TX and one in suburban Richmond, VA in three separate transactions.

Discovery at West Road (formerly known as Watermarke), a two and three-story 280 home suburban-garden community built in 2005, offers large floorplans with 9' ceilings and high-quality amenities, including attached garages (select units), resort-style swimming pool, outdoor grilling station, fitness center, and community clubroom, all situated in a low-density setting on over 15 acres. Discovery at West Road is located at 9404 West Road adjacent to Sam Houston Tollway (8) in a mixed commercial, retail, and residential area of Harris County and benefits from great connectivity to major employment hubs throughout the Houston MSA.

Park West End, a 312 home community built in 1985 in Richmond, VA, is a garden-style apartment community that features 1 and 2-bedroom floorplans and high-quality amenities, including a swimming pool, outdoor grilling station, tennis court, dog park, fitness center, and community club room, all situated in a low-density setting on over 18 acres. Park West End is located at 5300 Glenside Drive in suburban Henrico County in close proximity to West Broad Street and Interstate-64 and benefits from convenient access to major transportation routes, popular retail centers, and great connectivity to major employment hubs throughout the Richmond MSA.

Haven at Eldridge, a three-story 246 home suburban-garden community built in 2015, offers 1, 2, and 3-bedroom floorplans, high-quality amenities, including detached garages, resort-style swimming pool, outdoor grilling station, fitness center, and community clubroom, all situated in a low-density setting on over 11 acres. Haven at Eldridge is located at 13115 Whittington Drive in close proximity to Eldridge Parkway in the Energy Corridor and benefits from direct access to Energy Corridor employers and great connectivity to major employment hubs throughout the Houston MSA.

McCann will invest capital to upgrade the exterior finishes, interiors, and amenities at each asset. All three properties will be managed by McCann's Atlanta-based affiliate property management company, Pegasus Residential.

"Our team is ready to implement our business plans," said Thomas Upson, head of acquisitions for McCann. "The residents of all three properties will benefit from the amenity enhancements and other improvements as we carry out our value-add program."

"We are excited to acquire additional assets in the Houston and Richmond markets," said Matt Akin, President of McCann. "These three assets are well located, and in markets that show strong fundamentals for near-term and long-term growth.  Each asset presents a unique opportunity for McCann and Pegasus to improve the assets with focused operations that will enhance the living experience of our residents."

McCann continues to seek new acquisition and development opportunities in the Mid-Atlantic, Southeast, and Texas. For acquisitions and development in the Mid-Atlantic, Southeast, and Texas, please contact Thomas Upson at (804) 708-1708. 

McCann Realty Partners is a premier multifamily investment firm with an experienced team dedicated to value creation, innovative strategies, and disciplined execution.  Headquartered in Richmond, Virginia, McCann teams with institutional capital sources to acquire, develop, construct, and operate apartment communities in the Mid-Atlantic, Southeast, and Southwest regions.  For more information, visit https://www.mccannrealty.com/.

Contact: Mike Dowd, McCann Realty Partners (804) 708-1709

SOURCE McCann Realty Partners