The acquisition was funded in part by a combination of theassumption of an existing Freddie Mac loan with a rate of 4.86% anda second Freddie Mac mortgage with a rate of 5.78% originated byPrimary Capital Advisors LC. Duluth, GA-based Signature ManagementCorp. was retained to manage the property. The acquisition pricewas not released.

McCann Realty Partners chief investment officer Brand Inlowtells GlobeSt.com that the property, which was built in 2005, wasacquired from developer Davis Development Co. "We were attracted bythe quality of the property and by its location," Inlow says."Henry County is one of the fastest growing counties in the Atlantaarea."

This is the third Atlanta apartment complex acquired through theSilver-McCann Apartment Group funds. The other two propertiesacquired were the Shiloh Valley Overlook Apartments in Kennesaw andthe Harris Bridge Overlook Apartments in Dallas, GA. It isanticipated that another $50 million to $100 million worth ofapartment communities will be acquired with the Silver-McCannApartment Group II LP fund.