McCann Realty Partners and Guggenheim Real Estate Acquire 352-Home The Retreat at Johns Creek Apartments in Atlanta, GA

News provided by

Mar 03, 2015, 04:28 ET

RICHMOND, Va. and CHARLOTTE, N.C. and ATLANTA, March 3, 2015 /PRNewswire/ -- McCann Realty Partners, LLC ("McCann" or "MRP") and its equity partner, Guggenheim Real Estate, announced the acquisition of The Retreat at Johns Creek in Atlanta, GA. Built in 1996, the 352-home, garden-style community located in Johns Creek in North Fulton County will be managed by Pegasus Residential, LLC. The community amenities include a clubhouse, 5,000 square foot fitness center, and a resort style luxury swimming pool.

"North Fulton County and in particular Johns Creek are seeing strong rent growth due to proximity to job drivers and the lack of new supply in the area. McCann sees this as an opportunity to create value by upgrading interiors and updating the amenities on the property. Atlanta's rental growth rates are among the best in the country today," said McCann's Vice President of Acquisitions, Thomas Upson. "The Retreat at Johns Creek provided us with the opportunity to purchase a well-built asset in a good location that will benefit from the dynamic long-term job growth expected to continue in North Fulton."

Matthew T. Akin, President of McCann said, "We are excited to work with Guggenheim on this acquisition, our first together. McCann is focused on finding investment opportunities where we can create value by focusing on renovations and operations to improve long term cash flows."

McCann continues to seek new acquisition and development opportunities in the Mid-Atlantic, Southeast and Texas. For acquisitions and development in the Southeast, please contact Thomas Upson, Vice President of Acquisitions, at (804) 290-8870, ext 317. For acquisitions and development in Texas, please contact Tre Banks at (713) 898-0740.

About McCann Realty Partners, LLC

McCann Realty Partners and its principals have decades of diverse experience and a very strong track record in the apartment industry. With offices in Richmond, Virginia and Houston, Texas, MRP teams with institutional capital sources to acquire, develop and manage 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 of 150 units or more. MRP is also currently developing apartment communities in Texas.

Since inception, MRP has acquired 25 apartment communities totaling more than 6,500 homes in transactions valued at approximately $615 million. MRP has also completed or has under development 8 communities totaling 2,532 homes with an estimated completed value of $315 million. For more information, visit www.mrpapts.com.

About Guggenheim Real Estate

Guggenheim Real Estate (GRE), a division of Guggenheim Partners, was formed in 2002 and manages approximately $1.2 billion of client assets as of December 31, 2014. GRE's direct property investments include 9 million square feet of office, industrial, retail, and multi-family property throughout the U.S. GRE invests across the real estate spectrum on behalf of institutional and private clients. Guggenheim Partners is a global investment and advisory firm with more than $220 billion in assets under management.

Contact: Fleet Wallace, McCann Realty Partners (804) 290-8870

SOURCE McCann Realty Partners