The property presents a compelling value-add opportunity. McCann’s business plan focuses on repositioning the property with a significant capital investment to upgrade the interior finishes, amenities, and clubhouse and leasing areas. The property will be managed by Pegasus Residential.
“The project has significant untapped value, plus a great location in a high-end neighborhood providing access to a growing employment center of Dallas,” said McCann’s Managing Director, Tre Banks. “By investing capital on interior finishes and common area amenities, we will be able to create value for our partnership and enhance our residents’ lifestyles.”
“Radius Turtle Creek fits our core plus strategy with near-term opportunities to significantly improve the overall positioning of the property with a post renovation cost basis well below replacement cost.” said Matt Akin, President of McCann. We are pleased to work with Carlyle on this transaction and look forward to building a long-term relationship with them.”
About McCann Realty Partners
McCann Realty Partners is a Richmond-based real estate investment and operating company that specializes in acquisitions, development and management of multifamily communities in the Southeast, Southwest, Mid-Atlantic and adjacent regions. Since inception, McCann has acquired 28 apartment communities totaling more than 7,695 homes in transactions valued at approximately $739 million. McCann has also developed 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.