Property Types Multi-Family
Silver-McCann Buys Villas at South Point Apartments in Atlanta
June 30, 2008

Silver-McCann Apartment Group II L.P. acquired Villas at South Point Apartments in Atlanta, Ga. The 284-unit community located in the McDonough submarket of metropolitan Atlanta was built in 2006 and will be managed by Signature Management Co. The acquisition was funded in part by a combination of the assumption of an existing Freddie Mac loan with a rate of 6.21 percent and a second Freddie Mac mortgage with a rate of 6.58 percent originated by Primary Capital Advisors L.C., which also represented the seller in the transaction. With this acquisition, Silver Capital and McCann Realty Partners have added the fourth asset to their latest apartment investment fund, Silver-McCann Apartment Group II L.P. Current plans call for the fund to close after its next purchase, expected to bring its total acquisitions to more than $150 million in one-and-a-half years. Since Silver-McCann made its first acquisition in 2005, they have acquired more than 2900 apartment homes in their two funds.


 
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