McCann Realty Partners Acquires 336-Unit Virginia Community
Pegasus Residential will be the community's new property manager.
McCann Realty Partners has acquired Red Knot at Edinburgh Apartment Homes, a 336-unit multifamily community located in Chesapeake, Va., a submarket of the Richmond-Tidewater region. A sale price was not disclosed.
The Breeden Co. was the seller and previous owner, according to Yardi Matrix information. McCann is tapping subsidiary Pegasus Residential to manage the community moving forward.
Originally opened in 2015, the development was built on 15 acres and includes one-, two- and three-bedroom layouts across five residential buildings. Breeden Construction served as the general contractor and Aegon provided a $41 million construction loan in 2013 for the project, the same source shows.
Apartments feature in-unit laundry, dishwashers and air conditioning units. Shared amenities include a clubhouse, pool, fitness center, dog park and playground.
McCann will upgrade individual units and renovate shared spaces at Red Knot. In-unit work will bring new stainless-steel appliances, flooring and lighting upgrades in select units. The efforts will also renovate the clubhouse and add a micro market, dog run and EV charging stations.
Located at 236 Red Knot Way in Chesapeake, Va., Red Knot at Edinburgh Apartment Homes is 16 miles outside of Norfolk and off the Chesapeake Expressway. Nearby is TPMG Edinburgh Family Medicine and the Edinburgh West shopping center, which includes major retailers such as Walmart, Target and Home Depot. The Norfolk International Airport is 22 miles north of the community.
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The acquisition comes as McCann is looking for investment opportunities in the Mid-Atlantic, Southeast and Texas regions, amid strong transaction activity nationwide. In July 2025, McCann made a similar acquisition with Reserve South Apartment Homes in Richmond, Va. According to Yardi Matrix, the company purchased the property from BH Equities for $33.4 million with a $23.3 million loan from Freddie Mac. The community includes 200 garden-style apartments.
Amplified investment activity
The Richmond market has remained steady, the latest Yardi Matrix report on the metro shows. Year-over-year, rents rose 2.2 percent, above the national figure of 0.7 percent as investors look to the Richmond-Tidewater area for acquisitions. Through August, the area saw $620 million in transaction activity across 28 deals. This is double what the area saw during the same period in 2024.
Earlier in November, Newbrook Capital Properties purchased two properties from MRKT Capital in Norfolk, Va., for $58.2 million. The acquisition included Green Tree and Emerald Lake, totaling 340 apartments across both properties.
