Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

DALLAS, GA-The joint venture Silver-McCann Apartment Group LP has entered the Atlanta market with the acquisition of the 332-unit St. Ives Apartments for $27.87 million.

The acquisition was funded in part by a 10-year Freddie Mac fixed-rate loan with a rate of 5.99% originated by Deutsche Bank Berkshire Mortgage Inc. The garden-style complex is located in the Paulding County submarket of northwest metropolitan Atlanta. It will be managed by RAM Partners LLC. “Atlanta is a recovering market that has potential for rent growth in the near and long term,” said Fleet Wallace, a principal of Silver-McCann Apartment Group, tells GlobeSt.com. “Paulding County is one of the fastest growing counties in the country.”

The property, constructed in three phases between 2000 and 2006, is fairly new so there are no immediate plans to make capital improvements. When the lease-up for the third phase, completed in May, is finished, the anticipated occupancy rate will be approximately 92%, Wallace says.

The joint venture between apartment investment firm Richmond, VA-based McCann Realty Partners LLC and real estate development and investment firm Boca Raton, FL-based Silver Capital LLC was formed in April 2005 to acquire apartment communities in the Mid-Atlantic and Southeast. The principals expect to invest in excess of $100 million over the initial two years of the partnership.

The company is hoping to make more multifamily acquisitions in Atlanta in the future. “Silver McCann is a value buyer and we like the value that St. Ives represents,” said John McCann, of McCann Realty Partners, in a prepared statement. “As Paulding County continues its rapid growth, we are seeing tremendous retail and other service growth around St. Ives, which creates a greater pool of renters.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.