Source: McCann Realty Partners / #Apartments #Multifamily
ORLANDO, FL - McCann Realty Partners announced it has started construction on the 192-unit second phase at the Vista at Lost Lake Apartments in Clermont, Florida. Located in the Lake County submarket of Orlando, the existing 276-unit, garden-style community was built in 2007. Phase two is scheduled to be completed at year end and will begin lease up in September 2013. The combined 468 apartment homes will be managed by Pegasus Residential, LLC. The construction loan was funded by Wells Fargo Bank, NA.
"We entered the greater Orlando market in May 2012 with the purchase of Vista at Lost Lake Apartments and believe this second phase will enhance our ability to offer exceptional apartment living in Clermont. 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 President Matthew T. Akin. "We really like the demographics, the location adjacent to retail, and the close proximity to highly rated schools."
McCann Realty Partners and its principals have decades of diverse experience and a very strong track record in the apartment industry. With offices in Richmond, Virginia and Dallas, Texas, MRP teams with institutional capital sources to acquire, develop and manage 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 of 150 units or more. In addition to Orlando, MRP is also currently developing apartment communities in Dallas and Houston.
Since inception, MRP has acquired 23 apartment communities totaling more than 5,850 homes in transactions valued at approximately $485 million. MRP has also completed or has under development 7 communities totaling 2,182 homes with an estimated completed value of $240 million.