McCann Realty Partners Acquires Raleigh’s Crest at Brier Creek Apartments
- Jul 18, 2014
Raleigh, N.C.— McCann Realty Partners LLC and its equity partner, New York-based DRA Advisors LLC, have acquired The Crest at Brier Creek Apartments in Raleigh, N.C. A garden-style community built last year, The Crest at Brier Creek Apartments is a 291-unit property in Raleigh’s Brier Creek submarket. Pegasus Residential LLC will handle management.
Among the prominent amenities of the community are a craftsman-style clubhouse with fitness center, pool and an outdoor living area featuring a grilling space.
The opportunity to buy a newly constructed asset in a strong location that is growing rapidly attracted Richmond, Va.-based McCann Realty to The Crest at Brier Creek Apartments. The job growth numbers in Raleigh have consistently ranked among the highest for large U.S. cities over the last several years.
“We like Raleigh for its long-term growth prospects, population growth and strong quality of lifestyle,” Thomas Upson, McCann Realty’s vice president of acquisitions, tells MHN. “The educated workforce attracts high-quality employers and drives high-paying jobs to support demand and rent growth for apartments.”
Due to the competitiveness of the market, McCann Realty had to ensure its pricing was in line with its return expectations. “With the large influx of new supply in the short-term in the Brier Creek submarket, we believe a buying opportunity was created for us over the long term,” Upson says.
Noted McCann Realty president Matthew T. Akin: “We are excited to work with DRA on this acquisition and look forward to expanding our relationship in the future. MRP is focused on growing our portfolio as the fundamentals for the multifamily sector continue to be strong. For Raleigh, the market is driven by strong employers in the Research Triangle, a highly-educated workforce backed by local colleges and universities and a desirable quality of life.”
With the help of its strong property management team, Pegasus Residential, McCann Realty will endeavor to deliver greater emphasis on strategic marketing and day-to-day operations. “We also bring a different investment focus to create value through consistent operations, lower turnover, creating and driving traffic to our property and leasing to the best quality residents,” Upson says.