McCann Realty JV Buys 853 Units in Richmond
- Jan 07, 2020
Less than a year after selling a 294-unit community in Henrico, Va., McCann Realty Partners has acquired two multifamily assets in Richmond, Va. Together with partner Angelo, Gordon & Co., the firm purchased the 350-unit Trails at Short Pump Apartment Homes and the 503-unit Villages at West Laurel Apartments & Townhomes. According to Yardi Matrix data, DRA Advisors sold both garden-style properties after more than seven years of ownership.
Located at 3900 Acadia Lane on a 32-acre site, Trails at Short Pump Apartment Homes is near interstates 295 and 64, only minutes away from Short Pump Towne Center, West Broad Village, Henrico County Schools, West Creek and Short Pump Park. The 21-building community was developed in 1989 and includes a swimming pool, a dog park, walking trails, a game room and tennis courts.
The other property is situated roughly 5 miles away, at 5541 Olde West Court. Villages at West Laurel Apartments & Townhomes is off Hungary Spring Road, between Parham and Staples Mill. Several shopping centers, employment nodes, schools and hospitals are near the 47-building property. Developed in phases between 1978 and 1984, the community includes two swimming pools, a dog park and a fitness center.
The new owners of the properties intend to invest in renovations. Plans call for new appliances, cabinet and flooring upgrades, and granite countertops. Additionally, the clubhouses, fitness centers and pool areas are set to be modernized. Pegasus Residential will manage both assets.