McCann Realty Enters Orlando Market with 276-Unit Purchase, Plans More Apartments
- May 31, 2012
Along with the acquisition of Vista Lake Apartments, McCann Realty Partners, LLC has made its entrance into the Orlando market. McCann also bought an adjacent parcel of 16.4 acres and plans to build an additional 192 apartments as a second phase within the next year.
“We have been attempting to enter the greater Orlando market for quite some time and felt Vista at Lost Lake was a great opportunity to do so. We believe rents will continue to grow for the next several years and are actively looking to add more assets in Orlando,” said McCann’s chief investment officer Brand Inlow. “We really like the location adjacent to retail and so close to highly rated schools.”
Vista at Lost Lake Apartments, located in the Lake County submarket of Orlando, is a 276-unit, garden-style community featuring amenities that include a state-of-the-art fitness center, a resort style swimming pool, and a cyber café. The property is also in close driving distance to shops, restaurants, movies and more.
The acquisition of the Vista at Lost Lake Apartments was funded in part by a seven-year Fannie Mae fixed rate loan with a rate of 3.54 percent originated by Beech Street Capital. McCann has hired Pegasus Residential to manage the property.
McCann Realty Partners—currently seeking apartment acquisitions in the Mid-Atlantic, Southeast and Texas—has acquired 21 apartment communities totaling more than 5,200 units since its inception. In 2011 alone, McCann has added 1,276 units worth more than $100 million, and it has started construction on 690 units in two projects in suburban Houston and north Dallas.
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