FORT WORTH, TX - McCann Realty Partners, LLC announced the acquisition of Wynhaven at Westpoint Apartments in Ft. Worth, Texas. Built in 2008, the 264-unit, garden-style community located in west Ft. Worth will be renamed Westpoint at Scenic Vista and will be managed by Pegasus Residential, LLC. The acquisition was funded in part by a seven-year Freddie Mac mortgage loan with a fixed rate of 4.17 percent.
"Westpoint at Scenic Vista is a well built suburban garden community in a growing submarket of Ft. Worth. We believe the large floor plans and moderate rental pricing meet the needs of this submarket very well," said McCann's Chief Investment Officer Brand Inlow.
"We see west Ft. Worth as a submarket that will only get better over the next five years," said John McCann of McCann Realty Partners. "We liked the value in Westpoint at Scenic Vista, which we acquired below replacement cost with attractive Freddie Mac debt and with an expectation that we can continue to grow rents. We plan to add some amenities to the property to enhance its appeal."
McCann is currently seeking apartment acquisitions in the Mid-Atlantic, Southeast and Texas. For more information, please contact Brand Inlow, Chief Investment Officer, at (804) 290-8870.
Formed in October 2004, McCann Realty Partners and its principals have decades of diverse experience in the apartment business. MRP teams with institutional capital sources to acquire, develop and manage garden apartment communities in the Southeast, Southwest and adjacent regions. By leveraging industry relationships developed during the past 40 years, MRP has demonstrated its ability to access capital and locate, finance and close apartment deals. The Company is in the market continuously to acquire both Class A and value-add apartment communities of 150 units or more.
Since inception, MRP has acquired 18 apartment communities totaling more than 4,300 units in transactions valued at approximately $350 million. The Company also develops apartment communities in Texas. It is currently building 690 units in two projects in suburban Houston and north Dallas.