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HOUSTON-Silver-McCann Apartment Group LP, through Silver-McCann Apartment Group II LP, has solidified its presence in Texas with the acquisition of the 240-unit Villas at West Road in northwest Houston. It is the buyer’s second purchase in the state.

The Silver-McCann Apartment Group II LP fund acquired the 97%-leased complex at 9500 West Rd. from West Road Development LP, a partnership in Stockbridge, GA. Although a confidentiality clause has kept the price under wraps, similar assets trade have been selling for $95,000 to $100,000 per door. The Harris Central Appraisal District values the two-year-old asset at $19.9 million.

According to D. Fleet Wallace, principal with McCann Realty Partners LLC in Richmond, VA, the fund has a three- to seven-year hold on assets. Villas at West Road is the fifth and final acquisition for the $154-million Silver-McCann Apartment Group II LP, which launched 18 months ago. The buy was funded, in part, through a Freddie Mac loan assumption which carried a 5.82% fixed-rate interest.

Situated on about 20 acres, the 22-building Villas at West Road has one-, two- and three-bedroom units measuring from 820 sf to 1,447 sf. Monthly rents are pegged at $864 to $1,444. Dallas-based Lincoln Property Co.’s local team will oversee the holding.

Wallace tells GlobeSt.com that the Houston and Dallas markets continue to be of interest for Silver-McCann Apartment Group and its partner, Silver Cos. of Boca Rotan, FL. Just recently, Silver-McCann broke ground on the Discovery at Mandolin in Houston. And earlier this year, it bought the 504-unit Barons Apartment at 2101 U.S. Highway 80E in Mesquite, northeast of Dallas.

“We like class A, 10 years or newer for the funds. Then we also look down the line for value-add types of assets that require moderate rehab or offer management upside,” Wallace explains. “Those are the two arenas we focus on.”

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