McCann Realty Partners and its joint venture partner, LEM Capital, announced the acquisition of Discovery on Broad Apartments (formerly known as Altera at North Pointe), a 320-home community in Durham, NC. Built in 2001, the two-story, direct-entry, suburban-garden community offers residents high-quality amenities, including two swimming pools and tennis courts, all situated in a low-density setting on over 38 acres. The property, located at 2335 Broad Street in Durham, NC, is near major employment centers at Research Triangle Park, Duke University Health System and Duke University, and has direct access to the Durham Belt Line and ready transportation linkages to I-85 and the Durham Freeway. The property will be managed by Atlanta-based Pegasus Residential.
The joint venture will invest capital to upgrade interiors and amenities. Unit upgrades will include stainless steel appliances, washer and dryer installation, flooring upgrades and granite countertops in select units. Amenities will be enhanced by the addition of grilling stations, a fire pit and outdoor entertainment and seating areas.
"Our team is looking forward to executing our business plan," said Thomas Upson, Managing Director at McCann. "We believe this property provides residents with a great living experience in close proximity to downtown without paying downtown Durham rates."
"We are excited to acquire another asset in the Durham market," said Matt Akin, President of McCann. "Discovery on Broad fits our value-add strategy with near-term opportunities to significantly improve the overall positioning of the property, including upgrades to interior and common space amenities. This acquisition provides the opportunity to further reposition an asset with great proximity to so many retail and employment options. We are pleased to work with LEM on this transaction and look forward to building a long-term partnership with them."
McCann continues to seek new acquisition and development opportunities in the Mid-Atlantic, Southeast and Texas. For acquisitions and development in the Mid-Atlantic and Southeast, please contact Thomas Upson at (804) 290-8870, ext. 317. For acquisitions and development in Texas, please contact Tre Banks at (713) 898-0740.
McCann Realty Partners is a Richmond-based real estate investment and operating company that specializes in the acquisition, development and operation of multifamily communities in the Southeast, Southwest, Mid-Atlantic and adjacent regions. Since inception, McCann has acquired 32 apartment communities totaling more than 8,700 homes in transactions valued at over $880 million. McCann has also completed or has under development 10 communities totaling 2,991 homes with an estimated completed value of $400 million. For more information, visit www.mrpapts.com.
LEM Capital is a real estate private equity firm with a 15-year track record focused on protecting investors' downside and building portfolios to help deliver dependable current cash flow and equity upside through good and bad cycles. Since 2002, LEM has raised almost $1 billion in investor commitments and invested over $6.3 billion in real estate contributing to their expertise in structuring, execution and asset management. This includes acquiring over 16,000 value-add apartment units since 2011.
