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RALEIGH, NC-A young apartment investment company run by former United Dominion Realty executives has closed on the first of several multifamily properties it expects to purchase in partnership with Silver Capital LLC. The Silver-McCann Apartment Group LP plans to acquire $100 million worth of apartment properties in the Mid-Atlantic and Southeastern US over the next two years.The JV’s first acquisition was Hunter’s Glen Apartments here, a 180-unit garden-style development near North Carolina State University for which it paid $9.5 million. The acquisition was funded in part by a 10-year Fannie Mae fixed-rate loan with a rate of 5.495% originated by Deutsche Bank Berkshire Mortgage Inc. RAM Partners LLC will manage the asset.Silver Capital is a division of Silver Cos., a master developer of large commercial and residential land tracts and a diversified real estate investment firm. Formed in late 2004, Richmond, VA-based McCann Realty includes John McCann, the former CEO of United Dominion Realty Trust who remained on the board until last May, and United Dominion’s former acquisitions director Fleet Wallace. Wallace tells that Silver Capital is the money partner and McCann Realty is the expertise partner in the JV. The JV’s first acquisition, Hunter’s Glen, was an opportunity in the Raleigh apartment market “at a time when economic occupancies appear to have bottomed and apartment fundamentals are improving,” McCann says. “We’ don’t have a defined end game yet, other than making money.”Acquisitions generally will include stabilized assets where the company thinks it can add value without major renovations. “We’re not looking for the big value-add deals,” Wallace says. “But at the same time we will be opportunistic.”

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