McCann Realty Partners Invests in Pegasus Residential
The deal creates a more vertically integrated platform for McCann and gives Pegasus additional resources to expand.
Radius West. Image courtesy of Pegasus Residential
McCann Realty Partners made a significant investment in Pegasus Residential LLC, a leading third-party property management company and a longtime partner of the multifamily investment and development firm. The amount of the investment was not disclosed.
McCann officials said the investment would create a more vertically integrated platform that positions McCann as a multi-faceted leader in the industry. It also gives Pegasus the resources to continue to grow and expand its services.
The two firms have worked together since 2009 when Pegasus was founded by CEO Lindy Ware. Pegasus is currently managing five properties for McCann, including Radius West, a 361-unit Class A+ multifamily community in Houston developed by McCann and completed earlier this year.
The expansion of the firms’ strategic partnership comes as Pegasus looks to grow its footprint in Phoenix, Denver and Salt Lake City. Headquartered in Alpharetta, Ga., Pegasus is a NMHC Top 50 Manager with more than 44,000 units across 117 multifamily communities in Georgia, North Carolina, South Carolina, Florida, Virginia, Texas, Louisiana, Alabama, Tennessee and Colorado.
Ware and Laurie Lyons, vice president of business development at Pegasus, said in a prepared statement the expanded partnership with McCann will continue to bolster the company’s mission to transform the multifamily industry through technology and continue its growth.
Radius West. Image courtesy of Pegasus Residential
Fleet Wallace, managing principal & founder of McCann Realty Partners, said in prepared remarks Pegasus has a broad operating experience in the best markets across the county and he looked forward to continuing to work together to strengthen the aligned companies.
McCann, founded in 2004 and headquartered in Richmond, Va., has acquired and/or developed 46 communities totaling 13,298 apartment units valued at more than $1.5 billion throughout the Mid-Atlantic, Southeast, Midwest and Southwest regions.
In January 2020, McCann acquired two multifamily properties in Richmond with partner Angelo, Gordon & Co.—the 350-unit Trails at Short Pump Apartment Homes and the 503-unit Villages at West Laurel Apartments & Townhouses. The partners bought the properties from DRA Advisors, which had owned the garden-style apartment apartment communities for more than seven years, according to Yardi Matrix.
