Source: McCann Realty Partners / #Apartments #Multifamily
HOUSTON, TX - McCann Realty Partners, LLC announced it has started construction on the 323-unit Retreat at Vintage Park Apartments in the Champions submarket of Houston, Texas. The property will be located in the Vintage development near State Highway 249 on Louetta Road in Northwest Houston adjacent to the Vintage Park Lifestyle Center which consists of approximately 420,000 square feet of retail and commercial space.
The luxury Class A apartment project will include 3 story stone and stucco exteriors with attached and detached garages. Amenities will include a large clubhouse with a state of the art fitness center, resort-style swimming pool and an activity center with video games and media, a cyber cafe and a gourmet kitchen. The project is scheduled to begin lease up in the first quarter of 2014 and will be managed by Pegasus Residential, LLC. The construction loan was funded by Wells Fargo Bank, NA. McCann will act as its own general contractor on the project.
"To date, we have developed and sold two projects in Houston and hope to continue our success with Retreat at Vintage Park," said McCann's President, Matthew T. Akin. "We love this location where residents can walk to the shops and restaurants in Vintage Park and because of all of the new employment recently announced in the immediate area. We see Houston as a solid market that is driven by strong population and employment growth. We believe rents will continue to grow for the next several years in the Vintage Park submarket and are excited to break ground in a strong location surrounded by vibrant new retail."
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. MRP is also currently developing apartment communities in Dallas, Houston and Orlando.
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.