RALEIGH, NC—McCann Realty Partners, LLC of Richmond, VA and equity partner DRA Advisors of New York City have acquired The Crest at Brier Creek Apartments complex here for a reported price of $37.5 million.

The 291-unit garden apartment complex built in 2013 was acquired from a subsidiary of The Residential Group of Atlanta. The new ownership says the development will be managed by Pegasus Residential, LLC. The community amenities include a craftsman-style clubhouse with fitness center, a luxury pool, and an outdoor living space with grilling area.

"The Brier Creek submarket in Raleigh has grown rapidly and is supported by strong demographics and population growth. The job growth numbers in Raleigh have consistently ranked among the highest for large cities in the U.S. over the last several years," says McCann's Vice President of Acquisitions Thomas Upson. "The Crest at Brier Creek provided us with the opportunity to purchase a newly constructed Class A asset in a good location that will benefit from the dynamic long-term job growth expected to continue in Raleigh."

Matthew T. Akin, president of McCann adds, "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."