Silver Capital And McCann Realty Partners Add Fourth Asset In Indianapolis, Indiana Market With The Acquisition Of Quail Run Apartments

RICHMOND, Va., BOCA RATON, Fla., and ZIONSVILLE, Ind., June 20, 2011 /PRNewswire/ -- Silver Capital -- a division of Silver Companies -- and McCann Realty Partners announced the acquisition of Quail Run Apartments in Zionsville, Indiana.  The 166-unit, garden-style community located in the affluent northeast submarket of metropolitan Indianapolis was built in 1972 and will be managed by Buckingham Management, LLC of Indianapolis. Over the next three years the property will be upgraded, including new amenities and redecorated interiors. The acquisition was funded in part by a 10-year Fannie Mae fixed rate loan with a rate of 5.29% originated by Beech Street Capital.

"We've had success with our other Indianapolis area apartments," said Silver Companies CEO Larry D. Silver.  "Quail Run provides us with the opportunity to upgrade and reposition a very well located, older community in one of Indianapolis' best submarkets and to be rewarded for doing it."  

"The property has very large floor plans that are surprisingly functional, given when Quail Run was built," said John McCann of McCann Realty Partners.  "The predominant two bedroom 1,200 square foot townhouse apartment in this location makes Quail Run a unique rental community.  We will redecorate the interiors, add amenities and improve the grounds over the next two plus years, as the apartments turn-over, to better position the community to compete over the long-term."

This transaction continues the affiliation between Silver Capital, a division of the real estate development and investment firm Silver Companies, and McCann Realty Partners, an apartment and investment company.  Silver and McCann first worked together in April 2005, forming Silver-McCann Apartment Group, L.P. to acquire apartment communities in the Southeast. The initial fund reached its stated objective of acquiring an apartment portfolio valued at approximately $100 million in the first 18 months of the partnership.  Silver-McCann Apartment Group II, L.P. was formed in January 2007 and continued the partnership by acquiring approximately $154 million worth of apartment communities.  

McCann is currently seeking apartment acquisitions in the Mid-Atlantic, Southeast and Texas. For more information, please contact Brand Inlow, Chief Investment Officer, at [phone].

Since 1941, Silver Companies has built an impressive master development and real estate investment enterprise with commercial development approaching 11 million sq. ft. and residential site development totaling more than 50,000 units. In addition, the company's private equity division has provided more than $1 billion in capital to builders and developers during the last six years. Silver Companies is led by CEO Larry D. Silver and is backed by a team of division presidents, engineers, contractors, project managers, lending, leasing and acquisitions professionals and nationally-recognized strategic partners. Its two headquarter offices are located in Metro Washington, DC and Boca Raton, FL. For more information, visit www.silvercompanies.com.

Formed in October 2004, McCann Realty Partners and its principals have decades of diverse experience in the apartment business. MRP teams with institutional capital sources to acquire, develop and manage garden apartment communities in the Southeast, Southwest and adjacent regions. By leveraging industry relationships developed during the past 40 years, MRP has demonstrated its ability to access capital and locate, finance and close apartment deals. The Company is in the market continuously to acquire both Class A and value add apartment communities of 150 units or more.

Since inception, MRP has acquired 17 apartment communities totaling 4,000 units in transactions valued at approximately $300 million. The Company also develops apartment communities in Texas.  It is currently building in suburban Houston and is scheduled to start another community in north Dallas in the fall.  For more information, visit www.mrpapts.com.

Contact: Fleet Wallace, McCann Realty [phone] Michele Ethridge, Silver Companies [phone]

SOURCE McCann Realty Partners

>To order reprints of this article, click here: Reprints