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KENNESAW, GA-Boca Raton, FL-based Silver Cos. and Richmond, VA-based McCann Realty Partners LLC have acquired the 300-unit Shiloh Valley Overlook apartment complex at 2100 Shiloh Valley Dr. for $28 million. The deal is part of a broader plan to acquire $150 million in apartment communities in 2007.

Shiloh Valley Overlook is located in the Town Center submarket of Atlanta and will be managed by RAM Partners LLC. The acquisition was funded in part by a 10-year fixed rate loan with a rate of 5.75% originated by Lehman Brothers Bank, FSB.

Fleet Wallace, of McCann Realty Partners, tells GlobeSt.com that the property was acquired because it is a high-quality asset in a strong location. "The supply of apartment buildings in the Town Center area has been somewhat constrained due to the lack of available land for new construction," Wallace says.