McCann Realty Partners and its joint venture partner, Angelo, Gordon & Co., L.P., announced the acquisition of two multifamily communities (totaling 853 units) in Richmond, VA.
Built in 1989, Trails at Short Pump Apartment Homes is a 350-home, three-story, suburban-garden community offering residents high quality amenities, including a swimming pool, dog park, walking trails, game room and tennis courts, all situated in a low-density setting on 32 acres. It is located at 3900 Acadia Lane on Three Chopt Road adjacent to and south of West Broad Village. The property benefits from its proximity to the Whole Foods anchored West Broad Village and surrounding Short Pump retail centers, and also has great connectivity to nearby schools and major employment centers such as Innsbrook and West Creek. The property will be managed by Atlanta-based Pegasus Residential.
Built in three phases between 1978 and 1984, Villages at West Laurel Apartments & Townhomes is a 503-home, suburban-garden and townhome community offering residents a variety of floorplans, including townhomes, in a low-density setting on over 42 acres. Community amenities include two swimming pools, dog park, sports court and a 24-hour fitness center. Located at 5541 Olde West Court, just off Hungary Spring Road between Parham and Staples Mill, the property's location offers residents close proximity to an abundance of shopping centers, employment nodes, schools and hospitals. The property will be managed by Atlanta-based Pegasus Residential.
The joint venture will invest capital to upgrade unit interiors and amenities across both properties. Unit upgrades will include new appliances, cabinet upgrades, flooring upgrades and granite countertops. Amenities will be enhanced through the renovation of the clubhouses, fitness centers, pool areas, and the addition of outdoor entertainment and seating areas.
"Our team is looking forward to executing our business plan," said Thomas Upson, Managing Director at McCann. "The renovation of Trails at Short Pump and Villages at West Laurel will provide residents with a great living experience in both Henrico submarkets."
"We are pleased to acquire more assets in the growing and vibrant Richmond market," said Matt Akin, President of McCann. "Both of these properties fit our value-add strategy with near-term opportunities to significantly improve the properties to enhance the lifestyles and living experiences of the residents and surrounding areas. We are excited to work with Angelo Gordon on our first transaction together and we look forward to growing our partnership with them."
McCann continues to seek new acquisition and development opportunities in the Mid-Atlantic, Southeast, and Texas. For acquisitions and development in the Mid-Atlantic, Southeast, and Texas, please contact Thomas Upson at (804) 290-8870, ext. 317.
McCann Realty Partners is a premier multifamily investment firm with an experienced team dedicated to value creation, innovative strategies, and disciplined execution. Headquartered in Richmond, Virginia, McCann teams with institutional capital sources to acquire, develop, construct, and operate apartment communities in the Southeast, Southwest, and Mid-Atlantic regions. For more information, visit www.mrpapts.com.
Angelo, Gordon & Co., L.P. is a privately held limited partnership founded in November 1988. The firm currently manages approximately $36 billion with a primary focus on credit and real estate strategies. Angelo Gordon has over 500 employees, including more than 200 investment professionals, and is headquartered in New York, with associated offices elsewhere in the U.S., Europe, and Asia. For more information, visit www.angelogordon.com.
