The acquisition was funded in part by a combination of the assumption of an existing Freddie Mac loan with a rate of 4.86% and a second Freddie Mac mortgage with a rate of 5.78% originated by Primary Capital Advisors LC. Duluth, GA-based Signature Management Corp. was retained to manage the property. The acquisition price was not released.
McCann Realty Partners chief investment officer Brand Inlow tells GlobeSt.com that the property, which was built in 2005, was acquired from developer Davis Development Co. "We were attracted by the quality of the property and by its location," Inlow says. "Henry County is one of the fastest growing counties in the Atlanta area."
This is the third Atlanta apartment complex acquired through the Silver-McCann Apartment Group funds. The other two properties acquired were the Shiloh Valley Overlook Apartments in Kennesaw and the Harris Bridge Overlook Apartments in Dallas, GA. It is anticipated that another $50 million to $100 million worth of apartment communities will be acquired with the Silver-McCann Apartment Group II LP fund.
"We think we have the opportunity to move rents higher and manage expenses better," Inlow says.
Silver-McCann Apartment Group LP was organized in April 2005 by McCann Realty Partners LLC and Silver Capital LLC, a division of Silver Cos., to acquire apartment communities in the mid-Atlantic and Southeast. The initial fund reached its objective of acquiring an apartment portfolio valued at approximately $111 million in the first 18 months of the partnership. Silver-McCann Apartment Group II LP was formed in January 2007 with the expectation of acquiring $150 million to $200 million worth of apartment communities before the end of 2008. Silver-McCann has broadened its geographic scope to include the Dallas, Houston, Austin and San Antonio markets in Texas.
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