Source: McCann Realty Partners / #Apartments #Multifamily
RICHMOND, VA - McCann Realty Partners and its joint venture partner, Artemis Real Estate Partners, announced the acquisition of Hickory Creek, a 294-unit apartment community located in Richmond, VA. Built in 1984, the three-story garden-style property is located at 2344 Hickory Creek Drive in the West End of Henrico County.
The property is located just south of West Broad Street off Tuckernuck and Mayland Drive between Gaskins Road and Parham Road. The location provides excellent access to I-64, one of the main thoroughfares in the Richmond area with close proximity to employment and retail destinations, including West Broad Village, Short Pump, and the numerous retail options along West Broad Street. Hickory Creek has large floorplans and mature trees across approximately 20 acres. The property will be managed by Pegasus Residential.
The property presents a compelling value-add opportunity. McCann has a business plan focused on three value enhancement drivers: significant capital investment to repair deferred maintenance, upgrading the original 1984 unit interiors and amenities, and institutionalizing the property management.
"We really like the property's proximity to Innsbrook, the primary suburban office node in Richmond. By investing significant capital in this property we will be able to enhance our residents living experience and create value for our partnership," said McCann's Vice President of Acquisitions, Thomas Upson.
"We are excited to acquire an asset in the Richmond market," said Matt Akin, President of McCann. "Hickory Creek fits our value-add strategy with near-term opportunities to significantly improve the overall positioning of the property, including interior, exterior and common space upgrades. This acquisition provides the opportunity to reposition an asset in a good submarket with great proximity to so many retail and employment options. We are pleased to work with Artemis on this transaction and look forward to building a long-term partnership with them."