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Silver-McCann Fund Adds 264 Units to Portfolio

MCDONOUGH, GA-The Carrington Green Apartments is the third Atlanta multifamily complex acquired under the Silver-McCann Apartment Group II LP fund.

By Natalie Keith | Updated on February 08, 2008

MCDONOUGH, GA-A fund established by Boca Raton, FL-based Silver Cos. and Richmond, VA-based McCann Realty has acquired the 264-unit Carrington Green Apartments at 745 Highway 42.

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.”

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