The property presents a compelling value-add opportunity. McCann has a business plan focused on three value enhancement drivers: significant capital investment to repair deferred maintenance, upgrading the original 1984 unit interiors and amenities, and institutionalizing the property management.
“We really like the property’s proximity to Innsbrook, the primary suburban office node in Richmond. By investing significant capital in this property we will be able to enhance our residents living experience and create value for our partnership,” said McCann’s Vice President of Acquisitions, Thomas Upson.
“We are excited to acquire an asset in the Richmond market,” said Matt Akin, President of McCann. “Hickory Creek fits our value-add strategy with near-term opportunities to significantly improve the overall positioning of the property, including interior, exterior and common space upgrades. This acquisition provides the opportunity to reposition an asset in a good submarket with great proximity to so many retail and employment options. We are pleased to work with Artemis on this transaction and look forward to building a long-term partnership with them.”
McCann continues to seek new acquisition and development opportunities in the Mid-Atlantic, Southeast and Texas. For acquisitions and development in the Southeast, please contact Thomas Upson, Vice President of Acquisitions, at (804) 290-8870, ext. 317. For acquisitions and development in Texas, please contact Tre Banks at (713) 898-0740.
McCann Realty Partners is a Richmond-based real estate investment and operating company that specializes in the acquisition, development and operation of multifamily communities in the Southeast, Southwest, Mid-Atlantic and adjacent regions. Since inception, McCann has acquired 28 apartment communities totaling more than 7,690 homes in transactions valued at approximately $739 million. McCann has also completed or has under development 9 communities totaling 2,688 homes with an estimated completed value of $350 million. For more information, visit www.mrpapts.com.