Source: McCann Realty Partners / #Apartments #Multifamily
ATLANTA, GA - McCann Realty Partners, LLC and its equity partner, Guggenheim Real Estate, announced the acquisition of The Retreat at Johns Creek in Atlanta, GA. Built in 1996, the 352-home, garden-style community located in Johns Creek in North Fulton County will be managed by Pegasus Residential, LLC. The community amenities include a clubhouse, 5,000 square foot fitness center, and a resort style luxury swimming pool.
"North Fulton County and in particular Johns Creek are seeing strong rent growth due to proximity to job drivers and the lack of new supply in the area. McCann sees this as an opportunity to create value by upgrading interiors and updating the amenities on the property. Atlanta's rental growth rates are among the best in the country today," said McCann's Vice President of Acquisitions, Thomas Upson. "The Retreat at Johns Creek provided us with the opportunity to purchase a well-built asset in a good location that will benefit from the dynamic long-term job growth expected to continue in North Fulton."
Matthew T. Akin, President of McCann said, "We are excited to work with Guggenheim on this acquisition, our first together. McCann is focused on finding investment opportunities where we can create value by focusing on renovations and operations to improve long term cash flows."
Since inception, MRP has acquired 25 apartment communities totaling more than 6,500 homes in transactions valued at approximately $615 million. MRP has also completed or has under development 8 communities totaling 2,532 homes with an estimated completed value of $315 million.