McCann Realty Partners Picks Up 336-Unit Apartment Asset
- Nov 16, 2012
By Eliza Theiss, Associate Editor
Richmond, VA-based McCann Realty Partners, LLC has announced the purchase of the 336-unit Discovery at Mountain View Apartments in Nashville.
“We have been attempting to enter the Nashville market for quite some time and Discovery at Mountain View created an opportunity to do so. We believe rents will continue to grow for the next several years and are actively looking to add more apartments in Nashville,” said Brand Inlow, chief investment officer at McCann.
The 2009-built 336-unit three-story garden-style community is located off of Murfreesboro Pike in suburban Nashville, with easy access to downtown Nashville, Murfreesboro, Smyrna, Nashville International Airport and Brentwood. Community amenities include a resort-style swimming pool, a fitness center, a spacious clubhouse and direct access garages.
The purchase was financed by a seven-year, 3.55 percent fixed rate Freddie Mac loan, originated by Jones Lang LaSalle. Pegasus Residential, LLC, the 2009-founded third-party management company has been tapped to handle property management.
McCann Realty Partners teams with institutional capital sources to acquire, develop and manage Class A and value-add apartment communities of 150 units or more in the Southeast, Southwest, Mid-Atlantic and adjacent regions. McCann is currently expanding its portfolio in the Mid-Atlantic, Southeast and Texas. Discovery at Mountain View Apartments is its first multifamily community in the Nashville market.
According to a report by The Nashville Business Journal, McCann paid $31.4 million or around $93,000 per unit for the property previously known as The Springs at Mountain View Apartments. The seller is identified as Continental Properties Company Inc. of Menomonee Falls, Wis.
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Photo courtesy of McCann Realty Partners