NASHVILLE, TN - McCann Realty Partners, LLC announced the acquisition of Discovery at Mountain View Apartments in Nashville, Tennessee. Built in 2009, the 336-home, garden-style community located in suburban Nashville will be managed by Pegasus Residential, LLC. Amenities at the property include a large clubhouse with a fitness center, a resort-style swimming pool and direct access garages.
The acquisition was funded in part by a seven-year Freddie Mac mortgage loan with a fixed rate of 3.55 percent originated by Jones Lang LaSalle.
"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 McCann's Chief Investment Officer Brand Inlow. "This location is convenient to local employment drivers in downtown Nashville, Murfreesboro, Smyrna, Nashville International Airport and Brentwood which really appealed to us."
McCann Realty Partners and its principals have decades of diverse multi-family experience and a very strong reputation in the apartment industry. John McCann was a former long-time CEO of UDR, Inc. and a past board member of the National Multi-Housing Council. With offices in Richmond, Virginia and Dallas, Texas, MRP teams with institutional capital sources to acquire, develop, redevelop and operate apartment communities in the Southeast, Southwest, Mid-Atlantic and adjacent regions.
The Company is in the market continuously to acquire both Class A and value-add apartment communities. MRP is also currently developing apartment communities in Dallas, Houston and Orlando.
Source: McCann Realty Partners / #Multifamily #Apartments