Richmond, VA and Houston, TX (PRWEB) January 04, 2012
McCann Realty Partners, LLC (“McCann”) announced the acquisition of Villas at Valley Ranch Apartments in Houston, Texas. Built in 2008, the 312-unit, garden-style community located in the Kingwood/Lake Houston submarket will be managed by Pegasus Residential, LLC. The acquisition was funded in part by a mortgage loan originated by Wells Fargo Bank, N.A.
“We see Houston as a solid market that is driven by strong population growth, steady job growth and very little near-term new apartment supply. We believe rents will continue to grow for the next several years in the Kingwood/Lake Houston submarket and are excited to add to our portfolio in metropolitan Houston. We acquired Villas at Valley Ranch, an almost new community, below its replacement cost,” 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 20 apartment communities totaling more than 4,900 units in transactions valued at approximately $390 million. In 2011, MRP added 1,276 units for a combined purchase price of more than $100 million and began construction on 690 units in two projects in suburban Houston and north Dallas. For more information, visit http://www.mrpapts.com.
Contact: Fleet Wallace, McCann Realty (804) 290-8870
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