News

McCANN REALTY PARTNERS ACQUIRES THREE PROPERTIES TOTALING 838 UNITS IN 4TH QUARTER 2021

RICHMOND, Va., Jan. 12, 2022 /PRNewswire/ -- McCann Realty Partners ("McCann") announced the addition of three properties totaling 838 apartment homes to its portfolio in the 4th quarter of 2021 with the acquisition of two garden-style communities in suburban Houston, TX and one in suburban Richmond, VA in three separate transactions.

Discovery at West Road (formerly known as Watermarke), a two and three-story 280 home suburban-garden community built in 2005, offers large floorplans with 9' ceilings and high-quality amenities, including attached garages (select units), resort-style swimming pool, outdoor grilling station, fitness center, and community clubroom, all situated in a low-density setting on over 15 acres. Discovery at West Road is located at 9404 West Road adjacent to Sam Houston Tollway (8) in a mixed commercial, retail, and residential area of Harris County and benefits from great connectivity to major employment hubs throughout the Houston MSA.

Park West End, a 312 home community built in 1985 in Richmond, VA, is a garden-style apartment community that features 1 and 2-bedroom floorplans and high-quality amenities, including a swimming pool, outdoor grilling station, tennis court, dog park, fitness center, and community club room, all situated in a low-density setting on over 18 acres. Park West End is located at 5300 Glenside Drive in suburban Henrico County in close proximity to West Broad Street and Interstate-64 and benefits from convenient access to major transportation routes, popular retail centers, and great connectivity to major employment hubs throughout the Richmond MSA.

Haven at Eldridge, a three-story 246 home suburban-garden community built in 2015, offers 1, 2, and 3-bedroom floorplans, high-quality amenities, including detached garages, resort-style swimming pool, outdoor grilling station, fitness center, and community clubroom, all situated in a low-density setting on over 11 acres. Haven at Eldridge is located at 13115 Whittington Drive in close proximity to Eldridge Parkway in the Energy Corridor and benefits from direct access to Energy Corridor employers and great connectivity to major employment hubs throughout the Houston MSA.

McCann will invest capital to upgrade the exterior finishes, interiors, and amenities at each asset. All three properties will be managed by McCann's Atlanta-based affiliate property management company, Pegasus Residential.

"Our team is ready to implement our business plans," said Thomas Upson, head of acquisitions for McCann. "The residents of all three properties will benefit from the amenity enhancements and other improvements as we carry out our value-add program."

"We are excited to acquire additional assets in the Houston and Richmond markets," said Matt Akin, President of McCann. "These three assets are well located, and in markets that show strong fundamentals for near-term and long-term growth. Each asset presents a unique opportunity for McCann and Pegasus to improve the assets with focused operations that will enhance the living experience of our residents."

McCann continues to seek new acquisition and development opportunities in the Mid-Atlantic, Southeast, and Texas. For acquisitions and development in the Mid-Atlantic, Southeast, and Texas, please contact Thomas Upson at (804) 708-1708.

McCann Realty Partners is a premier multifamily investment firm with an experienced team dedicated to value creation, innovative strategies, and disciplined execution. Headquartered in Richmond, Virginia, McCann teams with institutional capital sources to acquire, develop, construct, and operate apartment communities in the Mid-Atlantic, Southeast, and Southwest regions. For more information, visit https://www.mccannrealty.com/.

Contact: Mike Dowd, McCann Realty Partners (804) 708-1709

SOURCE McCann Realty Partners

MCCANN REALTY PARTNERS AND PEGASUS RESIDENTIAL ENTER INTO DEFINITIVE DEAL TO EXPAND MULTI-FAMILY LEADERSHIP PRESENCE

RICHMOND, Va. and ALPHARETTA, Ga., Sept. 28, 2021 /PRNewswire/ -- McCann Realty Partners, LLC ("McCann") and Pegasus Residential, LLC ("Pegasus") have announced today that McCann has made a significant investment in Pegasus Residential, a leading third-party property management company. This alignment of businesses creates a more vertically integrated platform that positions McCann as a multi-faceted leader in the industry and Pegasus with the resources to continue to grow and expand its best-in-class services for team members, residents, clients, and partners under the leadership of Lindy Ware, CEO and Founder of Pegasus.
McCann Realty Partners.

McCann Realty Partners, founded in 2004 and headquartered in Richmond, VA, has acquired and/or developed 46 communities totaling 13,298 apartment units valued at over $1.5 billion throughout the Mid-Atlantic, Southeast, Midwest, and Southwest regions. McCann and its principals have decades of multi-family experience, a strong track record of value creation for its institutional capital partners, and an outstanding reputation for acquisition, renovation, development, and construction in the apartment industry. For more information, visit www.mccannrealty.com.

"We are truly excited to expand our long-term partnership with Pegasus Residential. Pegasus is a leading property management firm and has a broad footprint of operating experience in the best markets across the country," said Fleet Wallace, Managing Principal and Founder of McCann Realty Partners. "We look forward to continuing to work together to strengthen our aligned companies."

"We are thrilled to announce our expanded strategic partnership with Pegasus, combining best-in-class Property Management with McCann's investment and value creation expertise." said McCann President and Managing Principal Matt Akin. "CEO Lindy Ware and her team at Pegasus consistently outperform their peers with a personal touch that is hard to find in the current property management environment. They are accessible, communicate effectively, and are quick to adjust to the rapidly evolving real estate operating environment. Pegasus is a people-first company, and the culture has been cultivated meticulously over the years, and the results are impressive. McCann will continue to invest capital in Pegasus to enhance our customer experiences as the industry evolves to outperform our competition."

Pegasus Residential is a dynamic, full-service multifamily management company offering an innovative and personalized approach to apartment management and real estate services, including Construction Management, Technology Innovation, Marketing, Branding, Operations, Lease-Up, and Renovations. Headquartered in Alpharetta, GA, Pegasus Residential is a NMHC Top 50 Manager with more than 44,000 units across 117 multifamily communities across Georgia, North Carolina, South Carolina, Florida, Virginia, Texas, Louisiana, Alabama, Tennessee and Colorado. Pegasus has recently expanded west into Colorado and is looking to grow its footprint further west into Phoenix, Denver, and Salt Lake City. For more information, visit PegasusResidential.com.

This initiative supports a vision to create "the best management company the industry has ever seen," according to CEO Lindy Ware. "We want our residents to love their home, and our people to love their careers." Ware began her career on-property and has built Pegasus to address realities that are often overlooked by investment-minded owners. "It's hard work, but when you gather great people and give them what they need to thrive, it's magical," she says. This deal gives Pegasus additional capacity to serve its growing roster of third-party management clients.

Laurie Lyons, VP Business Development, says, "We've stayed ahead of where multifamily is going in terms of how we serve our team, our residents and our clients. First and foremost, we lead in the technology revolution, which enables us to change the staffing paradigm as well as to create an interactive resident experience that adds value for our clients. Our expanded partnership with McCann will continue to bolster our mission to transform multifamily."

McCann continues to seek new acquisition and development opportunities. For acquisitions and development, please contact Thomas Upson at tupson@mccannrealty.com and (804) 708-1708.

For information on Pegasus property management services, please contact Laurie Lyons at Llyons@pegasusresidential.com and 970.688.1137.

Contact: Mike Dowd, McCann Realty Partners (804) 708-1709

Contact: Laurie Lyons, Pegasus Residential (970) 688-1137

SOURCE Pegasus Residential

MCCANN REALTY PARTNERS ACQUIRES COURTHOUSE GREEN TOWNHOMES IN CHESTERFIELD, VA

RICHMOND, Va. and PHILADELPHIA, Nov. 11, 2020 /PRNewswire/ -- McCann Realty Partners ("McCann") and its joint venture partner, LEM Capital L.P., announced the acquisition of Courthouse Green Townhomes, a 266-home community in Chesterfield, VA within the Richmond MSA. Built between 1972 and 1974, the townhome-style apartment community offers spacious direct-entry townhome floorplans and high-quality amenities, including a swimming pool, fitness center, playground, and picnic facilities, all situated in a low-density setting on over 21 acres. Located at 6417 Statute St., Courthouse Green is located in close proximity to Route 10 / Ironbridge Road. The completion of Route 288 has helped drive population and commercial growth in this portion of Chesterfield County. The property benefits from its proximity to the Chesterfield County government offices and great connectivity to major employment hubs throughout the MSA. The property will be managed by Atlanta-based Pegasus Residential.

The joint venture will invest capital to upgrade the exterior finishes, interiors, and amenities. Unit upgrades will include new appliances, washer and dryer installation, flooring upgrades and granite countertops in select units. Amenities should be enhanced through the renovation of the clubhouse and fitness center and the addition of outdoor entertainment and seating areas featuring grilling stations.

"Our team is ready to get started," said Thomas Upson, Managing Director at McCann. "The residents of Courthouse Green should benefit from the amenity enhancements and other improvements that we make at the property."

"We are excited to acquire another asset in the Richmond market," said Matt Akin, President of McCann. "Courthouse Green fits our value-add strategy to significantly improve the overall positioning of the property and enhance the living experience of our residents. We are pleased to work with LEM again on this transaction and look forward to continuing our 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 Mid-Atlantic, Southeast, and Texas, please contact Thomas Upson at (804) 290-8870, ext. 317.

McCann Realty Partners is a premier multifamily investment firm with an experienced team dedicated to value creation, innovative strategies, and disciplined execution. Headquartered in Richmond, Virginia, McCann teams with institutional capital sources to acquire, develop, construct, and operate apartment communities in the Southeast, Southwest, and Mid-Atlantic regions. For more information, visit www.mrpapts.com.

LEM Capital is a real estate private equity firm with a 18-year track record focused on protecting investors' downside and building portfolios to help deliver dependable current cash flow and equity upside through good and bad cycles. Since 2002, LEM has raised over $1.3 billion in investor commitments and invested over $7.7 billion in real estate contributing to their expertise in structuring, execution and asset management. This includes acquiring over 22,000 value-add apartment units since 2011 (as of November 2020).

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MCCANN REALTY PARTNERS AND ANGELO, GORDON& CO., L.P. PARTNER TO ACQUIRE TWO APARTMENT COMMUNITIES – 853 UNITS – IN RICHMOND, VA

FOR IMMEDIATE RELEASE
Contact:Mike Dowd, McCann Realty (804) 290-8870
MCCANN REALTY PARTNERS AND ANGELO, GORDON& CO., L.P. PARTNER TO ACQUIRE TWO APARTMENT COMMUNITIES – 853 UNITS – IN RICHMOND, VA

RICHMOND, VA and NEW YORK, NY – January 6, 2020 – McCann Realty Partners (“McCann”) and its joint venture partner, Angelo, Gordon & Co., L.P., announced the acquisition of two multifamily communities (totaling 853 units) in Richmond, VA.

Built in 1989, Trails at Short Pump Apartment Homes is a 350-home, three-story, suburban-garden community offering residents high quality amenities, including a swimming pool, dog park, walking trails, game room and tennis courts, all situated in a low-density setting on 32 acres. It is located at 3900 Acadia Lane on Three Chopt Road adjacent to and south of West Broad Village.The property benefits from its proximity to the Whole Foods anchoredWest Broad Village and surrounding Short Pump retail centers, and also has great connectivity to nearby schools and major employment centers such as Innsbrook and West Creek. The property will be managed by Atlanta-based Pegasus Residential.

Built in three phases between 1978 and 1984, Villages at West Laurel Apartments & Townhomes is a 503-home, suburban-garden and townhome community offering residents a variety of floorplans, including townhomes, in a low-density setting on over 42 acres. Community amenities include two swimming pools, dog park, sports court and a 24-hour fitness center. Located at 5541 Olde West Court, just off Hungary Spring Road between Parham and Staples Mill, the property’s location offers residents close proximity to an abundance of shopping centers, employment nodes, schools and hospitals. The property will be managed by Atlanta-based Pegasus Residential.

The joint venture will invest capital to upgrade unit interiors and amenities across both properties. Unit upgrades will include new appliances, cabinet upgrades, flooring upgrades and granite countertops. Amenities will be enhanced through the renovation of the clubhouses, fitness centers, pool areas, and the addition of outdoor entertainment and seating areas.

“Our team is looking forward to executing our business plan,” said Thomas Upson, Managing Director at McCann. “The renovation of Trails at Short Pump and Villages at West Laurel will provide residents with a great living experience in both Henrico submarkets.”

“We are pleased to acquire more assets in the growing and vibrant Richmond market,” said Matt Akin, President of McCann. “Both of these properties fit our value-add strategy with near-term opportunities to significantly improve the properties to enhance the lifestyles and living experiences of the residents and surrounding areas. We are excited to work with Angelo Gordon on our first transaction together and we look forward to growing our 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 Mid-Atlantic, Southeast, and Texas, please contact Thomas Upson at (804) 290-8870, ext. 317.

McCann Realty Partners is a premier multifamily investment firm with an experienced team dedicated to value creation, innovative strategies, and disciplined execution. Headquartered in Richmond, Virginia, McCann teams with institutional capital sources to acquire, develop, construct, and operate apartment communities in the Southeast, Southwest, and Mid-Atlantic regions. For more information, visit www.mrpapts.com.

Angelo, Gordon & Co., L.P. (“Angelo Gordon”) is a privately held limited partnership founded in November 1988. The firm currently manages approximately $36 billion with a primary focus on credit and real estate strategies. Angelo Gordon has over 500 employees, including more than 200 investment professionals, and is headquartered in New York, with associated offices elsewhere in the U.S., Europe, and Asia. For more information, visit www.angelogordon.com.

Contact: Mike Dowd, McCann Realty Partners (804) 290-8870

MCCANN REALTY PARTNERS ACQUIRES DISCOVERY GATEWAY APARTMENTS (FORMERLY KNOWN AS THE GALLERY APARTMENTS) IN MARIETTA, GA

FOR IMMEDIATE RELEASE
Contact:Mike Dowd, McCann Realty (804) 290-8870
MCCANN REALTY PARTNERS ACQUIRES DISCOVERY GATEWAY APARTMENTS (FORMERLY KNOWN AS THE GALLERY APARTMENTS) IN MARIETTA, GA

RICHMOND, VA and PHILADELPHIA, PA – September 19, 2019 –McCann Realty Partners (“McCann”) and its joint venture partner, LEM Capital L.P., announced the acquisition of Discovery Gateway Apartments (formerly known as The Gallery Apartments), a 378-home community in Marietta, GA within the Atlanta MSA. Built in 1984, the two- and three-story suburban-garden community offers residents large floorplans and high-quality amenities, including two swimming pools, two dog parks, and tennis courts, all situated in a low-density setting on over 27 acres. Located at 720 Franklin Gateway SE (formerly Franklin Road), the property benefits from its proximity to several new projects in an emerging corridor of Marietta which has had significant infrastructure enhancements as Franklin Gateway has been expanded. Those projects include Franklin Gateway Sports Complex, the Atlanta United Football Headquarters and Training Facility (and planned expansion), and a future IKEA. The property’s location also provides great connectivity to major employment hubs throughout the Atlanta MSA. The property will be managed by Atlanta-based Pegasus Residential.

The joint venture will invest capital to upgrade interiors and amenities. Unit upgrades will include new appliances, washer and dryer installation, flooring upgrades and granite countertops in select units. Amenities will be enhanced through the renovation of the clubhouse and fitness center and the addition of outdoor entertainment and seating areas featuring grilling stations and a fire pit.

“Our team is looking forward to executing our business plan,” said Thomas Upson, Managing Director at McCann. “The renovation of Discovery Gateway should provide residents with a great living experience in a corridor of Marietta that has seen dramatic transformation in recent years.”

“We are excited to acquire another asset in the Atlanta market,” said Matt Akin, President of McCann. “Discovery Gateway fits our value-add strategy with near-term opportunities to significantly improve the overall positioning of the property, including upgrades to interior and common space amenities. This acquisition provides the opportunity to further reposition an asset with great proximity to several substantial redevelopment projects spearheaded by the City of Marietta. We are pleased to work with LEM again on this transaction and look forward to continuing our 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 Mid-Atlantic, Southeast, and Texas, please contact Thomas Upson at (804) 290-8870, ext. 317.

McCann Realty Partners is a premier multifamily investment firm with an experienced team dedicated to value creation, innovative strategies, and disciplined execution. Headquartered in Richmond, Virginia, McCann teams with institutional capital sources to acquire, develop, construct, and operate apartment communities in the Southeast, Southwest, and Mid-Atlantic regions. For more information, visit www.mrpapts.com.

LEM Capital is a real estate private equity firm with a 15-year track record focused on protecting investors’ downside and building portfolios to help deliver dependable current cash flow and equity upside through good and bad cycles. Since 2002, LEM has raised over $1 billion in investor commitments and invested over $7.3 billion in real estate contributing to their expertise in structuring, execution and asset management. This includes acquiring over 20,000 value-add apartment units since 2011 (as of September 2019).

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Admiral Capital Group And Mccann Realty Partners Complete Successful Sale Of Discovery At River Bend Atlanta Msa

FOR IMMEDIATE RELEASE Date: August 9, 2018
ADMIRAL CAPITAL GROUP AND MCCANN REALTY PARTNERS COMPLETE SUCCESSFUL SALE OF DISCOVERY AT RIVER BEND ATLANTA MSA

Atlanta - Admiral Capital Group and McCann Realty Partners announced the successful sale of Discovery at River Bend, a 256-unit multifamily property located in Duluth, GA, in the Atlanta MSA.

Admiral and McCann acquired the apartment community in February 2016 through a joint venture. The investment provided an opportunity to purchase a well-located asset in the fourth largest manufacturing and distribution center market in the United States at a discount to replacement cost.

During its ownership, the joint venture repositioned the property by curing deferred maintenance, enhancing the exterior and upgrading unit interiors. Select improvements included re-siding the entire property, replacing wooden decks, updating the fitness center and installing a new playground amenity. Interior renovations included modernizing kitchen cabinets, appliances and flooring and renovating bathrooms. Overall, the upgrades repositioned the property to compete with higher quality assets with higher overall rents.

“Our strategy is to identify capital-deprived assets in markets with a supply and demand imbalance,” said Dan Bassichis, Co-Founder of Admiral Capital Group. “Discovery at River Bend was an ideal fit and provided the opportunity for our partnership to invest the necessary capital to improve the property and experience for the residents and capture a share of the growing demand and rent growth in the submarket.”

“The team from Pegasus Residential did an excellent job helping us execute our business plan. We were very happy with how the repositioning turned out,” said Thomas Upson, Principal and Managing Director at McCann.

McCann President Matthew Akin said, “We are pleased with the value created by the reposition and renovation. The investment returns exceeded expectations due in part to strong fundamentals and capital markets.”

“The investment in Discovery at River Bend was the continuation of a long-term relationship with McCann,” said Jarett Kaplus, Principal at Admiral. “We have a strong presence in Atlanta and continue to proactively seek additional value-add multifamily investments here and nationwide.”

Derrick Bloom, David Gutting and Hunter Amos, commercial real estate brokers with JLL handled the Discovery at River Bend sale.

The sale represents the first realization for Admiral in its second value-add real estate fund, Admiral Capital Real Estate Fund II, L.P. (“ACRE II”).

About Admiral Capital Group

Admiral Capital Group (“Admiral”) is a real estate and private equity investment firm with offices in New York, San Antonio and Seattle. Admiral was co-founded by David Robinson, US Naval Academy graduate, philanthropist and NBA Hall of Famer, and Daniel Bassichis, formerly of Goldman Sachs. Admiral invests in real estate through a series of discretionary funds co-sponsored with USAA Real Estate and other separate accounts, and targets value-add and core-plus opportunities in office, multifamily, hotel and retail properties. Admiral has acquired over $1.4 billion of real estate assets since 2008. Admiral's founders also have pledged 10% of their profits to philanthropic causes in certain areas where Admiral invests, building on Robinson's lifetime commitment to support education and lower-income communities. For more information, visit www.admiralcg.com.

About McCann Realty Partners

Headquartered in Richmond, Virginia, with offices in Houston, Texas, McCann Realty Partners (“McCann”) is a real estate investment and operating company that specializes in the acquisition, construction, development and operations of multifamily communities in the Southeast, Southwest, and Mid-Atlantic regions. Since inception, McCann has acquired 31 apartment communities totaling more than 8,390 homes in transactions valued at approximately $840 million. McCann has also completed or has under development 10 communities totaling 2,991 homes with an estimated completed value of $400 million. For more information, visit www.mrpapts.com.

Media Contacts:

Admiral Capital Group
General Inquiries
646.405.480
info@admiralcg.com

McCann Realty Properties
Fleet Wallace
804.290.8870
fwallace@mrpapts.com

Mccann Realty Partners Acquires Discovery On Broad Apartments (formerly Known As Altera North Pointe) In Durham, Nc

FOR IMMEDIATE RELEASE
Contact: Fleet Wallace, McCann Realty (804) 290-8870
McCANN REALTY PARTNERS ACQUIRES DISCOVERY ON BROAD APARTMENTS (FORMERLY KNOWN AS ALTERA NORTH POINTE) IN DURHAM, NC

RICHMOND, VA and PHILADELPHIA, PA – April 3, 2018 – McCann Realty Partners (“McCann”) and its joint venture partner, LEM Capital, announced the acquisition of Discovery on Broad Apartments (formerly known as Altera at North Pointe), a 320-home community in Durham, NC. Built in 2001, the two-story, direct-entry, suburban-garden community offers residents high-quality amenities, including two swimming pools and tennis courts, all situated in a low-density setting on over 38 acres. The property, located at 2335 Broad Street in Durham, NC, is near major employment centers at Research Triangle Park, Duke University Health System and Duke University, and has direct access to the Durham Belt Line and ready transportation linkages to I-85 and the Durham Freeway. The property will be managed by Atlanta-based Pegasus Residential.

The joint venture will invest capital to upgrade interiors and amenities. Unit upgrades will include stainless steel appliances, washer and dryer installation, flooring upgrades and granite countertops in select units. Amenities will be enhanced by the addition of grilling stations, a fire pit and outdoor entertainment and seating areas.

“Our team is looking forward to executing our business plan,” said Thomas Upson, Managing Director at McCann. “We believe this property provides residents with a great living experience in close proximity to downtown without paying downtown Durham rates.”

“We are excited to acquire another asset in the Durham market,” said Matt Akin, President of McCann. “Discovery on Broad fits our value-add strategy with near-term opportunities to significantly improve the overall positioning of the property, including upgrades to interior and common space amenities. This acquisition provides the opportunity to further reposition an asset with great proximity to so many retail and employment options. We are pleased to work with LEM 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 Mid-Atlantic and Southeast, please contact Thomas Upson 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 32 apartment communities totaling more than 8,700 homes in transactions valued at over $880 million. McCann has also completed or has under development 10 communities totaling 2,991 homes with an estimated completed value of $400 million. For more information, visit www.mrpapts.com.
LEM Capital is a real estate private equity firm with a 15-year track record focused on protecting investors’ downside and building portfolios to help deliver dependable current cash flow and equity upside through good and bad cycles. Since 2002, LEM has raised almost $1 billion in investor commitments and invested over $6.3 billion in real estate contributing to their expertise in structuring, execution and asset management. This includes acquiring over 16,000 value-add apartment units since 2011.
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Admiral Capital And Mccann Realty Partners Continue Partnership With Acquisition Of Retreat At Riverside (formerly Altera Riverside) In Atlanta Msa

ATLANTA – Admiral Capital Group (“Admiral”) and McCann Realty Partners (“McCann”) today announced the acquisition of Retreat at Riverside (formerly known as Altera Riverside), a 412-home community in Lawrenceville, Georgia within the Atlanta MSA. The property will be managed by Atlanta-based Pegasus Residential.
The 1996/1999 vintage property offers three-story buildings within an attractive, low-density setting across 35 acres. Retreat at Riverside is located on Duluth Highway, with close proximity to Georgia Gwinnett College, Gwinnett Medical Center Lawrenceville, and the I-85 job corridor (19 million square feet of office and 45 million square feet of industrial space).

The joint venture will invest capital to upgrade all unrenovated units, reduce utility consumption across the property, and add new amenities, including a package system, children’s playground, and outdoor kitchens.

“Gwinnett County’s population growth has continued to impress us since our first investment in the submarket,” said Admiral’s Vice President of Acquisitions, Patrick Heffernan. “Retreat at Riverside was particularly attractive due to its microlocation, providing immediate access to the local job centers as well as the abundant retail amenities.”

“We are excited to add another Atlanta community to our portfolio and expand our successful partnership with McCann,” said Admiral Co-Founder Dan Bassichis. “We identified Atlanta and the northeast high job growth corridor as an area for investment opportunity several years ago. We have had great success acquiring value add assets and transforming them into thriving communities that meet the needs of the growing population in the area.”

“We believe Lawrenceville is a later recovery suburb of Atlanta that still has significant upside. Our team is looking forward to executing further renovations to provide the residents with an even better living experience,” said Thomas Upson, Principal and Managing Director at McCann.

McCann President Matthew Akin said, “We are pleased to expand our partnership with Admiral. The Atlanta MSA has a strong and very diversified employment base. This acquisition is consistent with our strategy to find quality assets where we can create value through upgrades to the property and benefit from an improving submarket.”

The acquisition represents Admiral’s fifth investment in Atlanta bringing its units currently under management to over 2,000 across the MSA. Admiral Co-Founder David Robinson added, “Atlanta’s impressive job growth continues to make it an attractive and core investment market for Admiral.”

CBRE’s Atlanta team led by Kevin Geiger handled sale.

About Admiral Capital Group

Admiral Capital Group was founded by David Robinson, philanthropist and NBA Hall of Famer, and Daniel Bassichis, formerly of Goldman Sachs, to invest in real estate and private equity opportunities. Admiral, in partnership with USAA Real Estate acquires value-add multifamily, office, retail and hospitality properties valued between $20 million and $70 million in major U.S markets nationwide. The Admiral founders have pledged 10% of their profits to philanthropic causes in areas where Admiral invests, building on Robinson's lifetime commitment to support education and lower income communities. For more information, visit www.admiralcg.com.

About McCann Realty Partners

Headquartered in Richmond, Virginia, with offices in Houston, Texas, McCann Realty Partners (“McCann”) is a real estate investment and operating company that specializes in the acquisition, development and operations of multifamily communities in the Southeast, Southwest, and Mid-Atlantic regions. Since inception, McCann has acquired 31 apartment communities totaling more than 8,390 homes in transactions valued at approximately $840 million. McCann has also completed or has under development 10 communities totaling 2,991 homes with an estimated completed value of $400 million. For more information, visit www.mrpapts.com.

Media Contacts:

Admiral Capital Group
General Inquiries
646.405.480
info@admiralcg.com

McCann Realty Properties
Fleet Wallace
804.290.8870
fwallace@mrpapts.com

John P. Mccann, Pioneer Of The Apartment Real Estate Industry, Dies At 73

John P. Mccann, pioneer of the apartment real estate industry, dies at 73

By JOHN REID BLACKWELL Richmond Times-Dispatch 14 hrs ago
When John P. Mccann joined the forerunner of United Dominion Realty Trust in 1974, he was one of two officers for the first apartment real estate investment trust in the country, a fledgling company with four properties in Virginia.

When he retired as the company's CEO in 2001, the company had grown to become a national business that owned more than $3 billion worth of apartments and had 2,500 employees. That year, the REIT was named the eighth-largest U.S. apartment owner and fifth-largest U.S. apartment manager, with about 78,000 units in 290 communities around the country.

Mr. Mccann, described by colleagues as an "innovator" and "icon" in the real estate investment trust industry, died Monday at his home in Richmond. He was 73.

"He left a great legacy in our industry," said Matthew T. Akin, who worked with Mr. Mccann at Richmond-based United Dominion Realty, which is now UDR Inc. with headquarters in Colorado. Later, Akin succeeded him as president of Henrico County-based Mccann Realty Partners in 2013.

"He was extremely intelligent, and he was very driven," Akin said. "It is tremendous what he built and how he built it from scratch."

Mr. Mccann began as managing officer of United Dominion Realty, which included such duties as accounting and investor relations. He rose within the company as it evolved and grew in the 1980s and 1990s through mergers and acquisitions and becoming publicly traded in 1985.

"I touched a lot of good people along the way," Mr. Mccann said in a 2001 interview with the Richmond Times-Dispatch. "I paid attention to what other people were doing and said, 'Can we do that?' I'm a real believer that you can learn from others."

Mr. Mccann also was a longtime member of the board of directors of the National Multi-Housing Council, a trade association of large apartment owners, and a member of the Urban Land Institute.

He retired as chairman and CEO of United Dominion Realty in 2001 but remained on the board of directors until 2004. He then partnered with Fleet Wallace and Brand Inlow to found Mccann Realty Partners, a company that acquires, develops and manages apartment communities throughout the Southeast, Mid-Atlantic and Texas.

"The short answer is he was not the retiring type," Wallace said of Mr. McCann's decision to start another company. "He had a passion for the apartment business. He was very good at it. Fortunately, we were able to team up and spend 10 years working side by side.

"He had a keen business sense for the fundamentals of the apartment industry. There was a lot going on beneath the surface, but he was very even-keeled and treated everyone with respect. I think anyone would say he was the consummate gentleman."

Mr. McCann's work ethic, along with his sense of humility, may have been a product of his blue-collar upbringing in Youngstown, Ohio, and his service as a Marine Corps rifle platoon commander during the Vietnam War, his colleagues said. Mr. Mccann rarely spoke about his military service, they said.

"All he would say to us was he was fortunate to go through that and make it through OK, because a lot of other guys were not as lucky," Akin said.

He graduated from Notre Dame University in 1966 and received his MBA from New York University in 1968.

When he started with United Dominion Realty Trust in 1974, the REIT industry may have had an equity cap of around $1 billion, and today it is more like $1 trillion, said Tom Toomey, UDR's chairman and CEO.

''.lohn was one of those people who helped an industry get off the ground and helped it grow," Toomey said.

"It was not just about building a company," he said. "He built a lot of people. John was always good about identifying talent and developing talent, and that talent then went through the industry."

Mr. Mccann also was known for his civic and philanthropic work, including improving access to affordable housing. He served on the board and was past chairman of the Better Housing Coalition, a nonprofit affordable housing developer in the Richmond area.

"John contributed greatly to our RVA community at many levels and was instrumental in making BHC stronger and ready for the challenges of making positive community change," said Greta J. Harris, president and CEO of the Better Housing Coalition.

"His passion for both our corporate sustainability as well as advancing our mission was palpable," she said. "Although he loved real estate and he was a giant in that industry, his inspiration was in helping organizations like BHC to create great places to call home so that residents could thrive."

He also served for eight years on the board of the Virginia Housing Development Authority, including as chairman.

"John contributed immensely to the success of VHDA through his extensive knowledge and many years of experience in the housing industry and his deep passion for affordable housing," said VHDA Executive Director Susan Dewey. "He consistently challenged VHDA to find new ways to be innovative and efficient in the funding and administration of its programs. VHDA will greatly miss his advocacy of its mission but will most certainly continue to benefit in the future from John's strong leadership."

Survivors include his wife of 47 years, Rebecca Lee Mccann; two daughters, Stephanie Mccann Sullivan and Shannon Bess Mccann; a son, John Patrick Mccann II; a sister, Barbara Mccann Lehnerd; seven grandchildren and one great-grandchild.

A Mass of Christian Burial will be held at 11 a.m. Saturday at St. Mary's Catholic Church, 9505 Gayton Road. Burial at Greenwood Cemetery will be private.

jblackwell@timesdispatch.com

(804) 775-8123

John Reid Blackwell

Mccann Realty Partners Acquires Springfield, 288 Units In Durham, North Carolina

DURHAM, N.C. -- November 15, 2016 -- Admiral Capital Group (“Admiral”) and McCann Realty Partners (“McCann”)announced the acquisition of Springfield Apartments, a 288-home garden-style community in Durham, North Carolina. The property represents the second acquisition by the Admiral / McCann joint venture.

The 1986 vintage property is located adjacent to the 15-501 corridor, the primary artery linking downtown Durham and Chapel Hill, two of the most vibrant areas within the Research Triangle. Springfield Apartments is located within a two-mile radius of over 1.7 million square feet of office space, and is within walking distance of the newly expanded 48-acre headquarters of Blue Cross Blue Shield of North Carolina.

The joint venture plans to invest significant capital to transform the common areas and amenities, upgrade the unit interiors with modern finishes and provide a fresh appearance through an improved exterior. These updates, coupled with the convenient transportation access and abundant retail amenities, will provide an enhanced living experience for prospective residents.

“Having tracked the Triangle for a few years, Springfield Apartments represents an ideal opportunity
for Admiral’s first investment in the region,” said Admiral Co-Founder Dan Bassichis. “This acquisition
is consistent with our strategy of sourcing well-located assets with strong potential for value creation.
Additionally, we’re thrilled to continue our already successful partnership with McCann.”

“Southwest Durham continues to have strong rental growth due to job creation and relatively affordable rents,” said McCann’s Vice President of Acquisitions Thomas Upson. “Springfield will benefit from our planned capital expenditures, which will help us provide a superior experience for our residents. The property’s proximity to leading retail amenities such as Fresh Market and top employers displays the strength of the immediate area.”

McCann President Matthew Akin said, “We are pleased to expand our partnership with Admiral with another acquisition. This asset fits nicely with our strategy to find renovation opportunities where we can create value and benefit from an improving submarket with strong demographic trends.”

“Durham is an attractive market for us and consistently ranks as one of the most desirable cities in the nation,” said Admiral Co-Founder David Robinson. “This acquisition represents another opportunity to continue the Admiral mission of working with like-minded partners who desire to make a positive impact on local communities.”

About Admiral Capital Group

Admiral Capital Group was founded by David Robinson, philanthropist and NBA Hall of Famer, and Daniel Bassichis, formerly of Goldman Sachs. Admiral, in partnership with USAA Real Estate Company, identifies value-add opportunities in office, hotel, multifamily and retail properties valued between $20 million and $70 million. Admiral’s founders have also pledged 10% of their profits to philanthropic causes in certain areas where Admiral invests, building on Robinson’s lifetime
commitment to support education and lower-income communities. For more information, visit www.admiralcg.com.

About McCann Realty Partners

Headquartered in Richmond, Virginia, with offices in Houston, Texas, McCann Realty Partners (“McCann”) is a real estate investment and operating company that specializes in the acquisition, development and operations of multifamily communities in the Southeast, Southwest, and Mid- Atlantic regions. Since inception, McCann has acquired 29 apartment communities totaling more than 7,980 homes in transactions valued at approximately $780 million. McCann has also completed or
has under development 10 communities totaling 2,991 homes with an estimated completed value of $400 million. For more information, visit www.mrpapts.com.

Media Contacts:

Admiral Capital Group
General Inquiries
646.405.480
info@admiralcg.com

McCann Realty Properties
Fleet Wallace
804.290.8870
fwallace@mrpapts.com

MCCANN REALTY BREAKS GROUND ON 303 UNIT RETREAT AT WOLF RANCH APARTMENTS IN GEORGETOWN (AUSTIN MSA), TEXAS

RICHMOND, VA, AUSTIN, TX and HOUSTON, TX – September 7, 2016 – McCann Realty Partners, LLC (“McCann”) announced it has started construction on the 303 unit Retreat at Wolf Ranch Apartments in Georgetown, Texas, a north Austin submarket. The 19-acre property is located just west of downtown Georgetown in the Wolf Ranch Master Planned Community adjacent to the 670,000 square foot Wolf Ranch Town Center. The luxury, Class A apartment project will include 2 story townhouse and 3 story walk-up buildings appointed with stone and stucco exteriors with views of the San Gabriel River and the Texas Hill Country. Amenities will include a fitness center, resort-style swimming pool, and a stand-alone clubhouse with a media center, cyber café and gourmet kitchen. Residents at Retreat at Wolf Ranch will have easy access to job centers along Interstate 35 in central Texas and in Austin, which consistently ranks among the leaders in the US for job growth. The project is scheduled to begin leasing in the third quarter of 2017 and will be managed by Pegasus Residential, LLC. McCann will act as general contractor on the project.

“We are excited to break ground on our second development project in the Austin area,” said McCann’s President, Matthew T. Akin. “We were drawn to this location because it is adjacent to Wolf Ranch Town Center and part of the Wolf Ranch Master Planned Community being developed by The Hillwood Company. Georgetown is really a great lifestyle choice for people looking to relocate." The most recent census estimates showed it is the fastest growing city in the nation with populations of 50,000 or more, with a growth rate of 7.8% for the 12- month period ending July 2015.

McCann is currently seeking new development opportunities and apartment acquisitions in the Mid-Atlantic, Southeast and Southwest. For more information regarding McCann’s search criteria in the Southwest, please contact Tre Banks, Managing Director, at (713) 239-1080. For other markets, contact Thomas Upson, VP of Acquisitions, at 804-290-8870.

About McCann Realty Partners

Headquartered in Richmond, VA with a regional office in Houston, TX, McCann Realty Partners is a 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 $740 million. McCann has also developed or has under development 10 communities totaling 2,991 homes with an estimated completed value of $400 million. For more information, visit www.mrpapts.com.

McCANN REALTY PARTNERS ACQUIRES MARQUIS ON CEDAR SPRINGS APARTMENTS IN DALLAS, TX

RICHMOND, VA, WASHINGTON, D.C., and DALLAS, TX – August 15, 2016 – McCann Realty Partners, (“McCann”) and its joint venture partner, The Carlyle Group (“Carlyle”) acquired Marquis on Cedar Springs, a 165-unit apartment community located in Dallas, TX. The property will be re-branded Radius Turtle Creek. Built in 2001, the four-story, mid-rise property with a below-grade two-level parking garage is located at 3604 Cedar Springs Road in Dallas, TX. The community is within the exclusive neighborhood of Turtle Creek, and is bound by Uptown and Downtown Dallas to the south and the high-end residential neighborhoods of Highland Park and University Park to the north. Residents are within walking and biking distance to a wide variety of shopping, dining, entertainment and recreational destinations including Katy Trail, West Village, Klyde Warren and Reverchon Parks, the Arts District, the American Airlines Center and Victory Park.

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.

McCANN REALTY PARTNERS ACQUIRES HICKORY CREEK APARTMENTS IN RICHMOND, VA

RICHMOND, VA and WASHINGTON, DC – July 26, 2016 – McCann Realty Partners (“McCann”) and its joint venture partner, Artemis Real Estate Partners, announced the acquisition of Hickory Creek, a 294-unit apartment community located in Richmond, VA. Built in 1984, the three-storygarden-style property is located at 2344 Hickory Creek Drive in the West End of Henrico County. The property is located just south of West Broad Street off Tuckernuck and Mayland Drive between Gaskins Road and Parham Road. The location provides excellent access to I-64, one of the main thoroughfares in the Richmond area with close proximity to employment and retail destinations, including West Broad Village, Short Pump, and the numerous retail options along West Broad Street. Hickory Creek has large floorplans and mature trees across approximately 20 acres. The property will be managed by Pegasus Residential.

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.

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Admiral Capital and McCann Realty Partners Form Joint Venture to Acquire Howell Bridge Apartments in Atlanta MSA

ATLANTA, GA--(Marketwired - Mar 7, 2016) - Admiral Capital Group ("Admiral") and McCann Realty Partners ("McCann") announced the acquisition of Howell Bridge Apartments, a 256-home community located in Duluth, GA. The property represents Admiral's third investment in the Atlanta MSA and its first joint venture with McCann.

Built in 1985, the two-story garden-style property is located on Peachtree Industrial Boulevard, providing excellent visibility and immediate access to one of the main thoroughfares in the northern Atlanta suburbs. Howell Bridge's generous floorplans across 32 acres offer prospective tenants an unparalleled spacious living community with direct proximity to numerous retail destinations, including Whole Foods, Target, Home Depot, and Starbucks. The property will be managed by Atlanta based Pegasus Residential, LLC.

The multi-faceted value creation opportunity was one of the primary reasons the venture viewed the acquisition as compelling. Admiral and McCann's business plan is focused on three value enhancement drivers: invest significant capital to repair deferred maintenance, upgrade the original 1985 unit interiors and amenities, and institutionalize the property management.

"We are excited to increase our presence in the rapidly expanding Atlanta market," said Dan Bassichis, Co-Founder of Admiral. "Howell Bridge 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. McCann has a successful track-record of executing this strategy and we look forward to building a long-term partnership with them."

"The suburban Atlanta apartment market continues to have strong rent growth due to job creation. Repositioning the property by upgrading the exterior appearance, amenities, and unit interiors will allow us to provide a more positive experience for residents while increasing the value of the property," said McCann's Vice President of Acquisitions, Thomas Upson.

McCann President, Matthew T. Akin stated, "We are pleased to work with Admiral on this transaction, our first together. We have looked at many opportunities together and are excited to find a heavy renovation opportunity in an improving submarket with strong demographic trends."

"Admiral's acquisition of Howell Bridge represents another excellent opportunity to create value for our investors while enhancing the overall experience of the community and residents," said David Robinson, Admiral Co-Founder. "We have achieved great success in Atlanta previously and continue to believe in the market's potential and ability to create new jobs."

About Admiral Capital Group

Admiral Capital Group was founded by David Robinson, philanthropist and NBA Hall of Famer, and Daniel Bassichis, formerly of Goldman Sachs, to invest in real estate and private equity opportunities. Admiral, in partnership with USAA Real Estate Company acquires value-add office, multifamily, hospitality and retail properties valued between $20 million and $70 million in major U.S markets. The Admiral founders have pledged 10% of their profits to philanthropic causes in areas where Admiral invests, building on Robinson's lifetime commitment to support education and lower income communities. For more information, visit www.admiralcg.com.

About McCann Realty Partners

Headquartered in Richmond, Virginia with offices in Houston, Texas, McCann Realty Partners is a real estate investment and operating company that specializes in the acquisition, development and management of multifamily communities in the Southeast, Southwest, Mid-Atlantic and adjacent regions. Since inception, McCann has acquired 26 apartment communities totaling more than 6,750 homes in transactions valued at approximately $615 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.

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MCCANN REALTY PARTNERS AND GUGGENHEIM REAL ESTATE ACQUIRE 352-HOME THE RETREAT AT JOHNS CREEK APARTMENTS IN ATLANTA, GA

February 26, 2015 – McCann Realty Partners, LLC (“McCann”) and its equity partner, Guggenheim Real Estate, announced the acquisition of The Retreat at Johns Creek in Atlanta, GA. Built in 1996, the 352-home, garden-style community located in Johns Creek in North Fulton County will be managed by Pegasus Residential, LLC. The community amenities include a clubhouse, 5,000 square foot fitness center, and a resort style luxury swimming pool.

“North Fulton County and in particular Johns Creek are seeing strong rent growth due to proximity to job drivers and the lack of new supply in the area. McCann sees this as an opportunity to create value by upgrading interiors and updating the amenities on the property. Atlanta’s rental growth rates are among the best in the country today,” said McCann’s Vice President of Acquisitions, Thomas Upson. “The Retreat at Johns Creek provided us with the opportunity to purchase a well-built asset in a good location that will benefit from the dynamic long-term job growth expected to continue in North Fulton.”

Matthew T. Akin, President of McCann said, “We are excited to work with Guggenheim on this acquisition, our first together. McCann is focused on finding investment opportunities where we can create value by focusing on renovations and operations to improve long term cash flows.”

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.
About McCann Realty Partners, LLC
McCann Realty Partners and its principals have decades of diverse experience and a very strong track record in the apartment industry. With offices in Richmond, Virginia and Houston, Texas, McCann teams with institutional capital sources to acquire, develop and manage apartment communities in the Southeast, Southwest, Mid-Atlantic and adjacent regions. The Company is in the market continuously to acquire both Class A and value-add apartment communities of 150 units or more. McCann is also currently developing apartment communities in Texas.
Since inception, McCann has acquired 25 apartment communities totaling more than 6,500 homes in transactions valued at approximately $615 million. McCann has also completed or has under development 8 communities totaling 2,532 homes with an estimated completed value of $315 million. For more information, visit www.mrpapts.com.
About Guggenheim Real Estate

Guggenheim Real Estate (GRE), a division of Guggenheim Partners, was formed in 2002 and manages approximately $1.2 billion of client assets as of December 31, 2014. GRE’s direct property investments include 9 million square feet of office, industrial, retail, and multi-family property throughout the U.S. GRE invests across the real estate spectrum on behalf of institutional and private clients. Guggenheim Partners is a global investment and advisory firm with more than $220 billion in assets under management.

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MCCANN REALTY BREAKS GROUND ON 156 UNIT 2401 GROVE APARTMENTS IN AUSTIN, TX

July 30, 2015 – McCann Realty Partners, LLC (“McCann”) announced it has started construction on the 156 unit 2401 Grove Apartments in southeast Austin, Texas. The 18 acre property is located at the corner of Grove Boulevard and Montopolis Drive just south of East Riverside Drive. The luxury, Class A apartment project will include 3-story stone and stucco exteriors with views of the downtown Austin skyline. Amenities will include a fitness center, resort-style swimming pool, and an activity center with video games and media, a cyber café and a gourmet kitchen. The project is scheduled to begin leasing in the first quarter of 2016 and will be managed by Pegasus Residential, LLC. McCann will act as its own general contractor on the project.

“2401 Grove will be McCann’s first development project in Austin, although we currently own another asset in the market,” said McCann’s President, Matthew T. Akin. “We were drawn to this location because of its proximity to downtown Austin and the Austin-Bergstrom International Airport. As a lower density garden property in an urban location, 2401 Grove is unique in an area where competing new developments are generally mixed use and high density construction. We see Austin as a lifestyle market that is driven by strong population and employment growth.”

McCann is currently seeking new development opportunities and apartment acquisitions in the Mid-Atlantic, Southeast and Southwest. For more information regarding McCann’s search criteria in the Southwest, please contact Tre Banks, Managing Director, at (713) 239-1080. For other markets, contact Thomas Upson, VP of Acquisitions, at 804-290-8870.

McCann Realty Partners and its principals have decades of diverse experience and a strong track record in the apartment industry. With offices in Richmond, Virginia and Houston, Texas, McCann teams with institutional capital sources to acquire, develop and manage apartment communities in the Southeast, Southwest, Mid-Atlantic and adjacent regions. The Company is in the market continuously to acquire both Class A and value-add apartment communities of 150 units or more. McCann is also currently developing apartment communities in Austin and Houston.

Since inception, McCann has acquired 25 apartment communities totaling more than 6,500 homes in transactions valued at approximately $615 million. McCann has also completed or has under development 9 communities totaling 2,688 homes with an estimated completed value of $335 million.

For more information, visit www.mrpapts.com.

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TRE BANKS NAMED MANAGING DIRECTOR OF McCANN REALTY PARTNERS

September 8, 2014 – Tre T. Banks has joined McCann Realty Partners as a Principal and Managing Director. His responsibilities will be overseeing McCann’s investments in the major Texas markets with particular focus on acquisitions, dispositions, and development programs.

Mr. Banks has 15 years of experience in the multi-housing investment business, the last 5 with Holiday Fenoglio Fowler, (HFF), a large commercial real estate and capital markets services firm, and the prior 10 years with CB Richard Ellis. Since 2005, his experience includes participation in 323 transactions in Texas and throughout the United States with a total sales volume in excess of $8.4 billion in multi-housing properties.

“The experienced team at McCann has created an impressive brand in the market,” said Banks. “They have built a solid track record both as an operator and as a developer, and I look forward to furthering their existing relationships and building new ones, as we continue to provide above market returns to investors through opportunistic acquisitions and disciplined development.”

“Tre’s diverse transaction experience will greatly enhance our team and its ability to provide extensive market insight to our investors,” said McCann President, Matthew Akin. “With his long track record of institutional sales and his established relationships with industry leaders, Tre will expand our ability to find creative investment opportunities through both his understanding of apartment market fundamentals and his eye for value through acquisitions.”

McCann Realty Partners and its principals have decades of experience and a consistent track record in the multi-housing industry. John McCann, McCann’s Chairman, was a former long-time CEO of United Dominion Realty Trust (UDR). Matthew Akin, McCann’s President and former SVP with UDR, has expanded McCann’s institutional experience through its development and acquisition joint venture platforms.

Since inception, McCann has acquired 24 apartment communities totaling more than 6,140 homes in transactions valued at approximately $525 million. McCann has also completed or has under development 8 communities totaling 2,532 homes with an estimated completed value of $315 million. The company has offices in Richmond, Virginia; Dallas, Texas; and, now, Houston. McCann teams with institutional capital to acquire, develop, redevelop and operate multi-housing communities in the Southeast, Southwest, and Mid-Atlantic regions. The company is in the market continuously to acquire both Class A and value-add multi-housing communities, and is currently developing in Houston, Texas.

For more information about acquisitions in Texas, please contact Tre Banks at (713) 898-0740, or if in the Southeast and Mid-Atlantic, please contact Thomas Upson, at (804) 290-8870. For more information about development, please contact Nathan Henry, Sr. Project Manager at (214) 363-6200. Please visit www.mrpapts.com.

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MCCANN REALTY PARTNERS AND DRA ADVISORS ACQUIRE 291-HOME THE CREST AT BRIER CREEK APARTMENTS IN RALEIGH, N.C.

RICHMOND, VA, NEW YORK, NY and RALEIGH, NC – July 14, 2014 – McCann Realty Partners, LLC (“McCann”) and its equity partner, New York-based DRA Advisors LLC (“DRA”), announced the acquisition of The Crest at Brier Creek Apartments in Raleigh, NC. Built in 2013, the 291-home, garden-style community located in the Brier Creek submarket in Raleigh will be managed by Pegasus Residential, LLC. The community amenities include a craftsman style clubhouse with fitness center, a luxury pool, and an outdoor living space with grilling area.

“The Brier Creek submarket in Raleigh has grown rapidly and is supported by strong demographics and population growth. The job growth numbers in Raleigh have consistently ranked among the highest for large cities in the U.S. over the last several years,” said McCann’s Vice President of Acquisitions, Thomas Upson. “The Crest at Brier Creek provided us with the opportunity to purchase a newly constructed Class A asset in a good location that will benefit from the dynamic long-term job growth expected to continue in Raleigh.”

Matthew T. Akin, President of McCann said, “We are excited to work with DRA on this acquisition and look forward to expanding our relationship in the future. McCann is focused on growing our portfolio as the fundamentals for the multifamily sector continue to be strong. For Raleigh, the market is driven by strong employers in the Research Triangle, a highly educated workforce backed by local colleges and universities and a desirable quality of life.”

McCann continues to seek new acquisition and development opportunities in the Mid-Atlantic, Southeast and Texas. For acquisitions, please contact Thomas Upson, Vice President of Acquisitions, at (804) 290-8870, ext 317. For development, please contact Nathan Henry, Sr. Project Manager, at (214) 363-6200, ext 303.
About McCann Realty Partners, LLC
McCann and its principals have decades of diverse experience and a very strong track record in the apartment industry. With offices in Richmond, Virginia and Dallas, Texas, McCann teams with institutional capital sources to acquire, develop and manage apartment communities in the Mid-Atlantic, Southeast and Texas. McCann is also currently developing apartment communities in Texas and Florida.
Since inception, McCann has acquired 24 apartment communities totaling more than 6,140 homes in transactions valued at approximately $525 million. McCann has also completed or has under development 8 communities totaling 2,532 homes with an estimated completed value over $315 million.
For more information, visit www.mrpapts.com.
About DRA Advisors LLC

DRA Advisors LLC is a New York-based registered investment advisor specializing in real estate investment management services for institutional and private investors, including pension funds, university endowments, foundations, and insurance companies. Founded in 1986, the firm currently manages over $10.5 billion in assets, including 17 million square feet of office space, 22 million square feet of industrial properties, 21 million square feet of retail space and 37,000 residential units. Additional information about DRA can be found on the company’s website at www.draadvisors.com.

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MCCANN REALTY BREAKS GROUND ON 350 UNIT RADIUS AT SHADOW CREEK RANCH APARTMENTS IN HOUSTON, TEXAS

RICHMOND, VA, DALLAS, TX and HOUSTON, TX – January 8, 2014 – McCann Realty Partners, LLC ("McCann") announced it has started construction on the 350-unit Radius at Shadow Creek Ranch Apartments in the Pearland submarket of Houston, Texas. The property will be located in the Shadow Creek Ranch development on Business Center Drive and Discovery Bay Drive.

Shadow Creek Ranch is a 3,500 acre master planned community with more than 5,000 existing homes, town center shopping and dining, 700 acres of open space, 300 acres of lakes and 22 miles of hike and bike paths, six new schools and offices, hospitals and community facilities. The luxury Class A apartment project will include 3 story stone and stucco exteriors with attached and detached garages. Amenities will include a large clubhouse with a state of the art fitness center, resort-style swimming pool and an activity center with video games and media, a cyber café and a gourmet kitchen. The project is scheduled to begin lease up in the fourth quarter of 2014 and will be managed by Pegasus Residential, LLC. The construction loan was funded by Regions Bank. McCann will act as its own general contractor on the project.

"To date, we have developed and sold three projects in Houston and hope to continue our success with Radius at Shadow Creek Ranch," said McCann's President, Matthew T. Akin. "This location is unique because of its close proximity to the shops and restaurants in the Pearland Town Center and because of all of the new employment driven by recent hospital and new medical office development in the immediate area. We see Houston as a dynamic market that is driven by strong population and employment growth."

McCann is currently seeking new development opportunities and apartment acquisitions in the Mid-Atlantic, Southeast and Texas. For more information, please contact Brand Inlow, Chief Investment Officer, at (804) 290-8870.

McCann Realty Partners and its principals have decades of diverse experience and a very strong track record in the apartment industry. With offices in Richmond, Virginia and Dallas, Texas, McCann teams with institutional capital sources to acquire, develop and manage apartment communities in the Southeast, Southwest, Mid-Atlantic and adjacent regions. The Company is in the market continuously to acquire both Class A and value-add apartment communities of 150 units or more. McCann is also currently developing apartment communities in Dallas, Houston and Orlando, Fl.

Since inception, McCann has acquired 23 apartment communities totaling more than 5,850 homes in transactions valued at approximately $485 million. McCann has also completed or has under development 8 communities totaling 2,182 homes with an estimated completed value of $300 million.

For more information, visit www.mrpapts.com.

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MCCANN REALTY BREAKS GROUND ON 323 UNIT RETREAT AT VINTAGE PARK APARTMENTS IN HOUSTON, TEXAS

RICHMOND, VA, DALLAS, TX and HOUSTON, TX – May 14, 2013 – McCann Realty Partners, LLC ("McCann") announced it has started construction on the 323-unit Retreat at Vintage Park Apartments in the Champions submarket of Houston, Texas. The property will be located in the Vintage development near State Highway 249 on Louetta Road in Northwest Houston adjacent to the Vintage Park Lifestyle Center which consists of approximately 420,000 square feet of retail and commercial space. The luxury Class A apartment project will include 3 story stone and stucco exteriors with attached and detached garages. Amenities will include a large clubhouse with a state of the art fitness center, resort-style swimming pool and an activity center with video games and media, a cyber café and a gourmet kitchen. The project is scheduled to begin lease up in the first quarter of 2014 and will be managed by Pegasus Residential, LLC. The construction loan was funded by Wells Fargo Bank, NA. McCann will act as its own general contractor on the project.

"To date, we have developed and sold two projects in Houston and hope to continue our success with Retreat at Vintage Park," said McCann's President, Matthew T. Akin. "We love this location where residents can walk to the shops and restaurants in Vintage Park and because of all of the new employment recently announced in the immediate area. We see Houston as a solid market that is driven by strong population and employment growth. We believe rents will continue to grow for the next several years in the Vintage Park submarket and are excited to break ground in a strong location surrounded by vibrant new retail."

McCann is currently seeking new development opportunities and apartment acquisitions in the Mid-Atlantic, Southeast and Texas. For more information, please contact Brand Inlow, Chief Investment Officer, at (804) 290-8870.

McCann Realty Partners and its principals have decades of diverse experience and a very strong track record in the apartment industry. With offices in Richmond, Virginia and Dallas, Texas, McCann teams with institutional capital sources to acquire, develop and manage apartment communities in the Southeast, Southwest, Mid-Atlantic and adjacent regions. The Company is in the market continuously to acquire both Class A and value-add apartment communities of 150 units or more. McCann is also currently developing apartment communities in Dallas, Houston and Orlando.

Since inception, McCann has acquired 23 apartment communities totaling more than 5,850 homes in transactions valued at approximately $485 million. McCann has also completed or has under development 7 communities totaling 2,182 homes with an estimated completed value of $240 million. For more information, visit www.mrpapts.com.

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CENTERPOINT ENERGY SPONSORS ITS FIRST HOUSTON-AREA ENERGY STAR® MULTIFAMILY COMPLEX

Houston – February 21, 2013 – CenterPoint Energy recently celebrated the opening of The Retreat at Shadow Creek Ranch, the first ENERGY STAR multifamily complex in the Greater Houston area. Located in Pearland, TX, this development is leading the Houston multifamily industry in energy efficiency as a participant in the ENERGY STAR Low-Rise Multifamily Program sponsored by CenterPoint Energy.

The CenterPoint Energy ENERGY STAR Low-Rise Multifamily Program provides multifamily developers with financial incentives to build complexes that meet the stringent requirements of ENERGY STAR as set by the U.S. Environmental Protection Agency and Department of Energy. This project, developed by McCann Realty Partners, LLC, and managed by Pegasus Residential, is about 20 percent complete and construction is scheduled to conclude in July 2013.

Construction measures used for each of the 370 units to meet ENERGY STAR requirements include high efficiency 14.5 SEER A/C units, low-E double pane vinyl clad windows, extensive sealing of wall penetrations and additional insulation in attic and exterior walls.

"With an ENERGY STAR certified complex, residents are met with comfortable living and peace of mind, knowing that their new home has been built with tried-and-true best building practices," said David Dzierski, energy efficiency consultant for CenterPoint Energy. "ENERGY STAR's proven value provides residents with better quality, better comfort, better durability, and more often than not, reduced utility bills."

The ENERGY STAR Low-Rise Multifamily Program is just one of CenterPoint Energy's programs designed to help consumers of all types and sizes reduce energy use and manage energy costs. For more information, please visit www.CenterPointElectric.com.

For more information contact:
Olivia Ross
Phone 713.207.3288
Pager 713.619.5143

###

See original article at http://business.pearlandtexaschamber.us/news/details/centerpoint-energy-sponsors-its-first-houston-area-energy-star%C3%A2-multifamily-complex

MCCANN REALTY BREAKS GROUND ON 192 UNIT SECOND PHASE AT VISTA AT LOST LAKE APARTMENTS IN ORLANDO

RICHMOND, VA and ORLANDO, FL – April 24, 2013 – McCann Realty Partners, LLC ("McCann") announced it has started construction on the 192-unit second phase at the Vista at Lost Lake Apartments in Clermont, Florida. Located in the Lake County submarket of Orlando, the existing 276-unit, garden-style community was built in 2007. Phase two is scheduled to be completed at year end and will begin lease up in September 2013. The combined 468 apartment homes will be managed by Pegasus Residential, LLC. The construction loan was funded by Wells Fargo Bank, NA.

"We entered the greater Orlando market in May 2012 with the purchase of Vista at Lost Lake Apartments and believe this second phase will enhance our ability to offer exceptional apartment living in Clermont. We believe rents will continue to grow for the next several years and are actively looking to add more assets in Orlando," said McCann's President Matthew T. Akin. "We really like the demographics, the location adjacent to retail, and the close proximity to highly rated schools."

McCann is currently seeking apartment acquisitions in the Mid-Atlantic, Southeast and Texas. For more information, please contact Brand Inlow, Chief Investment Officer, at (804) 290-8870.

McCann Realty Partners and its principals have decades of diverse experience and a very strong track record in the apartment industry. With offices in Richmond, Virginia and Dallas, Texas, McCann teams with institutional capital sources to acquire, develop and manage apartment communities in the Southeast, Southwest, Mid-Atlantic and adjacent regions. The Company is in the market continuously to acquire both Class A and value-add apartment communities of 150 units or more. In addition to Orlando, McCann is also currently developing apartment communities in Dallas and Houston.

Since inception, McCann has acquired 23 apartment communities totaling more than 5,850 homes in transactions valued at approximately $485 million. McCann has also completed or has under development 7 communities totaling 2,182 homes with an estimated completed value of $240 million. For more information, visit www.mrpapts.com.

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MCCANN REALTY ENTERS SAN ANTONIO MARKET, ACQUIRES VIEW AT ENCINO COMMONS APARTMENTS

MCCANN REALTY ENTERS SAN ANTONIO MARKET, ACQUIRES VIEW AT ENCINO COMMONS APARTMENTS

RICHMOND, VA, DALLAS, TX and SAN ANTONIO, TX – February 27, 2013 – McCann Realty Partners, LLC ("McCann") announced the acquisition of the View at Encino Commons Apartments in San Antonio, TX. Built in 2001, the 324-home, garden-style community located in San Antonio will be managed by Pegasus Residential, LLC. Amenities at the property include an elegant clubhouse with a fitness center, a resort-style swimming pool and a movie theatre. The acquisition was funded in part by a seven-year Freddie Mac mortgage loan with a fixed rate of 3.37 percent originated by Wells Fargo Multifamily Capital.

"We have been targeting the San Antonio market for quite some time due to its dynamic job growth prospects and strong business climate. The acquisition of the View at Encino Commons allows us a point of entry. McCann plans to do a modest interior and amenity upgrade to the property," said McCann’s Chief Investment Officer Brand Inlow. "The property is a low density “Big House” product with attached garages. We believe rents will continue to grow for the next several years and are actively looking to add more apartments in San Antonio. The View at Encino Commons is located in one of San Antonio’s most vibrant growth corridors which really appealed to us."

McCann is currently seeking apartment acquisitions in the Mid-Atlantic, Southeast and Texas. For more information, please contact Brand Inlow, Chief Investment Officer, at (804) 290-8870 or Denise Fansler, Vice President of Acquisitions, at (214) 363-6200.

McCann Realty Partners and its principals have decades of diverse multi-family experience and a very strong reputation in the apartment industry. John McCann was a former long-time CEO of UDR, Inc. and a past board member of the National Multi-Housing Council. With offices in Richmond, Virginia and Dallas, Texas, McCann teams with institutional capital sources to acquire, develop, redevelop and operate apartment communities in the Southeast, Southwest, Mid-Atlantic and adjacent regions.

The Company is in the market continuously to acquire both Class A and value-add apartment communities. McCann is also currently developing apartment communities in Dallas, Houston and Orlando.

For more information about acquisitions, please contact Brand Inlow, Chief Investment Officer, at (804) 290-8870 or Denise Fansler, Vice President of Acquisitions, at (214) 363-6200. For more information about development, please contact Mark Wood, Director of Development, at (214) 363-6200. Please visit www.mrpapts.com.

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MCCANN REALTY ENTERS NASHVILLE MARKET, ACQUIRES DISCOVERY AT MOUNTAIN VIEW APARTMENTS

RICHMOND, VA and NASHVILLE, TN – November 12, 2012 - McCann Realty Partners, LLC ("McCann") announced the acquisition of Discovery at Mountain View Apartments in Nashville, Tennessee. Built in 2009, the 336-home, garden-style community located in suburban Nashville will be managed by Pegasus Residential, LLC. Amenities at the property include a large clubhouse with a fitness center, a resort-style swimming pool and direct access garages. The acquisition was funded in part by a seven-year Freddie Mac mortgage loan with a fixed rate of 3.55 percent originated by Jones Lang LaSalle.

"We have been attempting to enter the Nashville market for quite some time and Discovery at Mountain View created an opportunity to do so. We believe rents will continue to grow for the next several years and are actively looking to add more apartments in Nashville," said McCann's Chief Investment Officer Brand Inlow. "This location is convenient to local employment drivers in downtown Nashville, Murfreesboro, Smyrna, Nashville International Airport and Brentwood which really appealed to us."

McCann is currently seeking apartment acquisitions in the Mid-Atlantic, Southeast and Texas. For more information, please contact Brand Inlow, Chief Investment Officer, at (804) 290-8870 or Denise Fansler, Vice President of Acquisitions, at (214) 363-6200.

McCann Realty Partners and its principals have decades of diverse multi-family experience and a very strong reputation in the apartment industry. John McCann was a former long-time CEO of UDR, Inc. and a past board member of the National Multi-Housing Council. With offices in Richmond, Virginia and Dallas, Texas, McCann teams with institutional capital sources to acquire, develop, redevelop and operate apartment communities in the Southeast, Southwest, Mid-Atlantic and adjacent regions.
The Company is in the market continuously to acquire both Class A and value-add apartment communities. McCann is also currently developing apartment communities in Dallas, Houston and Orlando.

For more information about acquisitions, please contact Brand Inlow, Chief Investment Officer, at (804) 290-8870 or Denise Fansler, Vice President of Acquisitions, at (214) 363-6200. For more information about development, please contact Mark Wood, Director of Development, at (214) 363-6200. Please visit www.mrpapts.com.

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MATTHEW T. AKIN NAMED PRESIDENT OF McCANN REALTY PARTNERS

MATTHEW T. AKIN NAMED PRESIDENT OF McCANN REALTY PARTNERS

RICHMOND, VA and DALLAS, TX - September 14, 2012 - Matthew T. Akin has joined McCann Realty Partners as a Principal and President. His responsibilities will be overseeing McCann's day to day operations with particular focus on acquisition, disposition and development programs.

Mr. Akin has 23 years of multi-family real estate experience, the last 17 with UDR, Inc., a large national Multi-Family Real Estate Investment Trust with a total capitalization of $10 Billion (formerly called United Dominion Realty Trust). His wide-ranging experience includes more than $7 billion in acquisitions and dispositions, as well as joint ventures, development, asset management, redevelopment, and finance and accounting.

McCann's Co-Founder and Principal John P. McCann will become Chairman.

"I am very excited about this opportunity to join McCann and its strong and experienced management team who I have known for many years," said Matt Akin. "John McCann and his partners have done a tremendous job building McCann's acquisition and development platform and capacity to access capital. We will continue to grow our portfolio through opportunistic acquisitions and a seasoned development and construction team while building on McCann’s track record of providing outsized returns to our investors."

"Matt's leadership, experience and professionalism are a perfect fit for McCann," said John McCann. "His addition as President allows us to plan, prepare and execute our company's growth strategy for many years to come. As Chairman, I intend to remain active in our daily business for the foreseeable future and I am excited that Matt has chosen to join us. Matt is the right choice to help lead McCann. His skill set and background will enhance and complement our teams' ability to create value for our partners and investors."

McCann Realty Partners and its principals have decades of diverse experience and a very strong reputation in the apartment industry. John McCann was a former long-time CEO of United Dominion Realty Trust and a past board member of the National Multi-Housing Council. With offices in Richmond, Virginia and Dallas, Texas, McCann teams with institutional capital sources to acquire, develop, redevelop and operate apartment communities in the Southeast, Southwest, Mid-Atlantic and adjacent regions.

The Company is in the market continuously to acquire both Class A and value-add apartment communities. McCann is also currently developing apartment communities in Dallas, Houston and Orlando.

For more information about acquisitions, please contact Brand Inlow, Chief Investment Officer, at (804) 290-8870 or Denise Fansler, Vice President of Acquisitions, at (214) 363-6200. For more information about development, please contact Mark Wood, Director of Development, at (214) 363-6200. Please visit www.mrpapts.com.

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MCCANN REALTY ENTERS ORLANDO MARKET, ACQUIRES VISTA AT LOST LAKE APARTMENTS IN CLERMONT, FLORIDA

RICHMOND, VA and CLERMONT, FL – May 30, 2012 – McCann Realty Partners, LLC ("McCann") announced the acquisition of Vista at Lost Lake Apartments in Clermont, Florida. Built in 2007, the 276-unit, garden-style community located in the Lake County submarket of Orlando will be managed by Pegasus Residential, LLC. The acquisition was funded in part by a 7-year Fannie Mae fixed rate loan with a rate of 3.54% originated by Beech Street Capital.

"We have been attempting to enter the greater Orlando market for quite some time and felt Vista at Lost Lake was a great opportunity to do so. We believe rents will continue to grow for the next several years and are actively looking to add more assets in Orlando," said McCann's Chief Investment Officer Brand Inlow. "We really like the location adjacent to retail and so close to highly rated schools."

In conjunction with the purchase, McCann acquired an adjacent parcel of 16.4 acres and plans to build an additional 192 apartments as a second phase within the next year.

McCann is currently seeking apartment acquisitions in the Mid-Atlantic, Southeast and Texas. For more information, please contact Brand Inlow, Chief Investment Officer, at (804) 290-8870 or Denise Fansler, Vice President of Acquisitions, at (214) 363-6200.

McCann Realty Partners and its principals have decades of diverse experience in the apartment business. With offices in Richmond, Virginia and Dallas, Texas, McCann teams with institutional capital sources to acquire, develop and manage apartment communities in the Southeast, Southwest and adjacent regions. The Company is in the market continuously to acquire both Class A and value-add apartment communities of 150 units or more. The Company also develops apartment communities in
Texas.

Since inception, McCann has acquired 21 apartment communities totaling more than 5,200 units in transactions valued at approximately $420 million. In 2011, McCann added 1,276 units for a combined purchase price of more than $100 million and began construction on 690 units in two projects in suburban Houston and north Dallas. For more information, visit www.mrpapts.com.

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MCCANN REALTY INCREASES PORTFOLIO IN METROPOLITAN HOUSTON, ACQUIRES VILLAS AT VALLEY RANCH APARTMENTS IN PORTER, TEXAS

RICHMOND, VA and HOUSTON, TX - January 3, 2012 - McCann Realty Partners, LLC ("McCann") announced the acquisition of Villas at Valley Ranch Apartments in Houston, Texas. Built in 2008, the 312-unit, garden-style community located in the Kingwood/Lake Houston submarket will be managed by Pegasus Residential, LLC. The acquisition was funded in part by a mortgage loan originated by Wells Fargo Bank, N.A.

"We see Houston as a solid market that is driven by strong population growth, steady job growth and very little near-term new apartment supply. We believe rents will continue to grow for the next several years in the Kingwood/Lake Houston submarket and are excited to add to our portfolio in metropolitan Houston. We acquired Villas at Valley Ranch, an almost new community, below its replacement cost," said McCann’s Chief Investment Officer Brand Inlow.

McCann is currently seeking apartment acquisitions in the Mid-Atlantic, Southeast and Texas. For more information, please contact Brand Inlow, Chief Investment Officer, at (804) 290-8870 or Denise Fansler, Vice President of Acquisitions, at (214) 363-6200.

McCann Realty Partners and its principals have decades of diverse experience in the apartment business. With offices in Richmond, Virginia and Dallas, Texas, McCann teams with institutional capital sources to acquire, develop and manage apartment communities in the Southeast, Southwest and adjacent regions. The Company is in the market continuously to acquire both Class A and value-add apartment communities of 150 units or more. The Company also develops apartment communities in Texas.

Since inception, McCann has acquired 20 apartment communities totaling more than 4,900 units in transactions valued at approximately $390 million. In 2011, McCann added 1,276 units for a combined purchase price of more than $100 million and began construction on 690 units in two projects in suburban Houston and north Dallas. For more information, visit www.mrpapts.com.

MCCANN REALTY ENTERS AUSTIN, TEXAS MARKET, ACQUIRES REMINGTON HILLS APARTMENTS

RICHMOND, VA and AUSTIN, TX – December 15, 2011 - McCann Realty Partners, LLC ("McCann") announced the acquisition of Remington Hills Apartments in Austin, Texas. Built in 2008, the 208-unit, garden-style community located in south Austin will be managed by Pegasus Residential, LLC. The acquisition was funded in part by a seven-year Freddie Mac mortgage loan with a fixed rate of 4.17 percent originated by Jones Lang LaSalle.

"We have been attempting to enter the Austin market for quite some time and felt Remington Hills was a great opportunity to do so. We believe rents will continue to grow for the next several years and are actively looking to add more assets in Austin," said McCann’s Chief Investment Officer Brand Inlow.

McCann is currently seeking apartment acquisitions in the Mid-Atlantic, Southeast and Texas. For more information, please contact Brand Inlow, Chief Investment Officer, at (804) 290-8870 or Denise Fansler, Vice President of Acquisitions, at (214) 363-6200.

McCann Realty Partners and its principals have decades of diverse experience in the apartment business. With offices in Richmond, Virginia and Dallas, Texas, McCann teams with institutional capital sources to acquire, develop and manage apartment communities in the Southeast, Southwest and adjacent regions. The Company is in the market continuously to acquire both Class A and value-add apartment communities of 150 units or more. The Company also develops apartment communities in Texas.

Since inception, McCann has acquired 19 apartment communities totaling more than 4,600 units in transactions valued at approximately $365 million. It is currently building 690 units in two projects in suburban Houston and north Dallas. For more information, visit www.mrpapts.com.

MCCANN REALTY INCREASES PORTFOLIO IN DALLAS/FT WORTH METROPLEX, ACQUIRES WYNHAVEN AT WESTPOINT APARTMENTS

RICHMOND, VA and FT. WORTH, TX – McCann Realty Partners, LLC (“McCann”) announced the acquisition of Wynhaven at Westpoint Apartments in Ft. Worth, Texas. Built in 2008, the 264-unit, garden-style community located in west Ft. Worth will be renamed Westpoint at Scenic Vista and will be managed by Pegasus Residential, LLC. The acquisition was funded in part by a seven-year Freddie Mac mortgage loan with a fixed rate of 4.17 percent.

“Westpoint at Scenic Vista is a well built suburban garden community in a growing submarket of Ft. Worth. We believe the large floor plans and moderate rental pricing meet the needs of this submarket very well,” said McCann’s Chief Investment Officer Brand Inlow.

“We see west Ft. Worth as a submarket that will only get better over the next five years,” said John McCann of McCann Realty Partners. “We liked the value in Westpoint at Scenic Vista, which we acquired below replacement cost with attractive Freddie Mac debt and with an expectation that we can continue to grow rents. We plan to add some amenities to the property to enhance its appeal.”

McCann is currently seeking apartment acquisitions in the Mid-Atlantic, Southeast and Texas. For more information, please contact Brand Inlow, Chief Investment Officer, at (804) 290-8870.
Formed in October 2004, McCann Realty Partners and its principals have decades of diverse experience in the apartment business. McCann 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, McCann 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, McCann has acquired 18 apartment communities totaling more than 4,300 units in transactions valued at approximately $350 million. The Company also develops apartment communities in Texas. It is currently building 690 units in two projects in suburban Houston and north Dallas. For more information, visit www.mrpapts.com.

MCCANN REALTY INCREASES PORTFOLIO IN HOUSTON, TEXAS, ACQUIRES ESTANCIA AT SHADOWLAKE APARTMENTS

FOR IMMEDIATE RELEASE
Contact: Fleet Wallace, McCann Realty (804) 290-8870

MCCANN REALTY INCREASES PORTFOLIO IN HOUSTON, TEXAS, ACQUIRES ESTANCIA AT SHADOWLAKE APARTMENTS

RICHMOND, VA and HOUSTON, TX – July 6, 2011 – McCann Realty Partners, LLC ("McCann") announced the acquisition of Estancia at Shadowlake in Houston, Texas. The 324-unit, garden-style community located in the Alief/Westchase submarket of metropolitan Houston was built in 2005 and will be managed by Pegasus Residential, LLC. The acquisition was funded in part by a seven-year Freddie Mac fixed rate loan with a rate of 4.42 percent originated by Wells Fargo Multifamily Capital.

"Estancia at Shadowlake is a Class A suburban garden community in an improving Houston submarket with the immediate opportunity to increase economic occupancy and cash flow," said McCann’s Chief Investment Officer Brand Inlow.

"We see Houston as a good market that is getting better every quarter from very strong in-migration and job growth. While the market will see new supply by the second half of 2012, there is very little new supply over the next 12 months," said John McCann of McCann Realty Partners. "We liked the value we saw in Estancia at Shadowlake, which we acquired well below replacement cost with attractive Freddie Mac debt and the prospect for solid rent growth."

McCann is currently seeking apartment acquisitions in the Mid-Atlantic, Southeast and Texas. For more information, please contact Brand Inlow, Chief Investment Officer, at (804) 290-8870.

Formed in October 2004, McCann Realty Partners and its principals have decades of diverse experience in the apartment business. McCann 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, McCann 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, McCann has acquired 17 apartment communities totaling more than 4,100 units in transactions valued at approximately $325 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.
Wells Fargo & Company (NYSE: WFC) has integrated nationwide commercial real estate banking, capital markets, and advisory services into a single platform that includes lending, syndications, debt placement, equity raising and underwriting, M&A and servicing. Wells Fargo was ranked as the nation’s largest commercial real estate lender and servicer by the Mortgage Bankers Association for 2010. Wells Fargo was named the largest issuer of preferred stock REIT equity and the largest domestic REIT and real estate bookrunner by Thompson Financial in 2010, as well as the most active brokerage of large commercial real estate sales in 2010 by Real Estate Alert. For more about the Wells Fargo commercial real estate platform visit: www.wellsfargo.com/realestate.
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SILVER CAPITAL AND MCCANN REALTY PARTNERS ADD FOURTH ASSET IN INDIANAPOLIS, INDIANA MARKET WITH THE ACQUISITION OF QUAIL RUN APARTMENTS

RICHMOND, VA, BOCA RATON, FL and ZIONSVILLE, IN – June 20, 2011 – 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 (804) 290-8870.

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. McCann 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.

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Contact:
Fleet Wallace, McCann Realty (804) 290-8870
Michele Ethridge, Silver Companies (561) 981-5252

MCCANN REALTY INCREASES PORTFOLIO IN METROPOLITAN HOUSTON, ACQUIRES CARRINGTON AT BARKER CYPRESS APARTMENTS IN CYPRESS, TEXAS

RICHMOND, VA and HOUSTON, TX - December 7, 2010 - McCann Realty Partners, LLC ("McCann") announced the acquisition of Carrington at Barker Cypress Apartments in Houston, Texas. The 330-unit, garden-style community located in the northwest submarket of metropolitan Houston was built in 2007 and will be managed by Pegasus Residential, LLC. The acquisition was funded in part by a 10-year Freddie Mac fixed rate loan with a rate of 4.67% originated by Primary Capital Advisors, LLC.

"Carrington at Barker Cypress is a high quality community in an improving Houston submarket with the immediate opportunity to increase economic occupancy and cash flow," said McCann’s Chief Investment Officer Brand Inlow.

"We see Houston as a steadily improving market that is driven by strong population growth, steady job growth and very little near-term new apartment supply. We acquired Carrington Barker Cypress which is an almost new community below its replacement cost with excellent Freddie Mac financing," said John McCann of McCann Realty Partners. "We think we can push effective rents by steadily reducing concessions over the next two years."

McCann is currently seeking apartment acquisitions in the Mid-Atlantic, Southeast and Texas. For more information, please contact Brand Inlow, Chief Investment Officer, at (804) 290-8870.

Formed in October 2004, McCann Realty Partners and its principals have decades of diverse experience in the apartment business. McCann 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, McCann has demonstrated its ability to access capital and find, finance and close apartment deals. The Company is in the market continuously to acquire both Class A and value added apartment communities of 150 homes or more. McCann is also developing apartment communities in the Southwest. Since inception, McCann has acquired 15 apartment communities totaling over 3600 units in transactions valued at more than $275 million. McCann is also currently developing a 347 unit apartment community in the Pearland area of Houston, Texas. For more information, visit www.mrpapts.com.

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Silver-McCann Apartment Group, L.P. Refinances Northlake Village Apartments in Indianapolis

Silver-McCann Apartment Group, L.P. ("Silver-McCann") announced the refinancing of Northlake Village Apartments in Noblesville (Indianapolis), Indiana, which had been acquired using a bridge loan. The 347-unit, garden-style community located in the Noblesville submarket of metropolitan Indianapolis was built in 1984 and purchased by Silver-McCann in October 2006. The property was upgraded in 2007 and 2008 and was 94% occupied at the time of the refinancing. Proceeds from the Freddie Mac capped ARM mortgage originated by Primary Capital Advisors LC were used in part to pay off the original bridge loan.

"In this very difficult financial climate, we were able to close an attractive, long-term mortgage loan with Freddie Mac that both reduced our current debt service on Northlake Village and provided additional capital to Silver-McCann Apartment Group," said John McCann of McCann Realty Partners. "We are pleased with the way that we have repositioned Northlake Village and believe that the property has continued growth potential that we can realize over the next two years."

Silver Capital -- a division of Silver Companies -- and McCann Realty Partners closed their latest apartment investment fund, Silver-McCann Apartment Group II, L.P., after purchasing its fifth asset in July 2008. The second fund closed with total acquisitions of $154 million made over the past 18 months. Since Silver-McCann made its first acquisition in 2005, its two funds have acquired almost 3,200 apartment homes.

Silver-McCann is currently seeking both Class A and value-add apartment acquisitions in the Mid-Atlantic, Southeast and Texas. For more information, please contact Brand Inlow, Chief Investment Officer, at (804) 290-8870.

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 $1.3 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 teams 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, D.C. and Boca Raton, FL. For more information, visit http://www.silvercompanies.com.

Formed in October 2004, McCann Realty Partners and its principals have decades of diverse experience in the apartment business. McCann teams with institutional capital sources to acquire, develop and manage garden apartment communities in the Southeast, Southwest and adjacent regions, with particular emphasis on the Virginia, North Carolina, Atlanta, Texas and DC/Baltimore markets. The Company is in the market continuously to acquire both Class A and value added apartment communities of 150 homes or more. McCann is also currently developing apartment communities in the Southwest. Since inception, McCann has acquired 14 apartment communities totaling over 3,300 apartment homes in transactions valued at more than $260 million. For more information, visit http://www.mrpapts.com.

Contact:
Fleet Wallace, McCann Realty, (804) 290-8870
Bernadette Bruce, Silver Companies, (561) 981-5252

Silver-McCann Apartment Group II, L.P. Enters the Houston, Texas Market With the Acquisition of Villas at West Road Apartments

Silver-McCann Apartment Group II, L.P. announced the acquisition of Villas at West Road Apartments in Houston, Texas. The 240-unit, garden-style community located in the northwest submarket of metropolitan Houston was built in 2006 and will be managed by Lincoln Property Company. The acquisition was funded in part by the assumption of an existing Freddie Mac loan with a rate of 5.82%.

With this acquisition, Silver Capital -- a division of Silver Companies -- and McCann Realty Partners ("Silver-McCann") have added the fifth and final asset to their latest apartment investment fund, Silver-McCann Apartment Group II, L.P. Their second fund closes with total acquisitions of $154 million made over the past 18 months. Since Silver-McCann made its first acquisition in 2005, its two funds have acquired close to 3200 apartment homes.

"Villas at West Road is a well-located, high-quality community in a strong Houston submarket," said Silver Companies CEO Larry D. Silver. "It is our final acquisition in our second fund which now owns five high-quality communities in the Southeast and Southwest. We continue to favor apartments. The current climate in which there is less financing and less equity capital for acquisitions provides an opportunity for us to grow our apartment portfolio, and we plan to continue to take advantage of this climate."

"We, like Houston, and we are very bullish on the Sam Houston Tollway/West Road location of the Villas at West Road, which is walking distance from neighborhood shopping. There are also a number of things that we find appealing in the community. For Houston, it has very low density at 12 units to the acre, all of the apartment homes are two-story and have private first floor entrances and 70% of the apartments have attached garages. The community has a great feel and is a very desirable place to live," said John McCann of McCann Realty Partners. "It is a property that can maintain high occupancy, lower turnover and consistently outperform the market."

Silver-McCann Apartment Group, L.P. was organized in April 2005 by McCann Realty Partners, LLC, an apartment investment company, and Silver Capital, LLC, a division of the real estate development and investment firm Silver Companies, to acquire apartment communities in the Mid-Atlantic and 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.

Silver-McCann is currently seeking apartment acquisitions in the Mid-Atlantic, Southeast and Texas. For more information, please contact Brand Inlow, Chief Investment Officer, at (804) 290-8870.

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 teams 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, D.C. and Boca Raton, FL. For more information, visit http://www.silvercompanies.com.

Formed in October 2004, McCann Realty Partners and its principals have decades of diverse experience in the apartment business. McCann teams with institutional capital sources to acquire, develop and manage garden apartment communities in the Southeast, Southwest and adjacent regions, with particular emphasis on the Virginia, North Carolina, Atlanta, Texas and DC/Baltimore markets. By leveraging industry relationships developed during the past 35 years, McCann has demonstrated its ability to access capital and find, finance and close apartment deals. The Company is in the market continuously to acquire both Class A and value added apartment communities of 150 homes or more. McCann is also developing apartment communities in the Southwest. Since inception, McCann has acquired 14 apartment communities totaling over 3300 units in transactions valued at more than $250 million. For more information, visit http://www.mrpapts.com.

Contact:
Fleet Wallace, McCann Realty, (804)290-8870
Bernadette Bruce, Silver Companies, (561)981-5252

SILVER-MCCANN APARTMENT GROUP II, L.P. INCREASES PORTFOLIO IN METROPOLITAN ATLANTA, ACQUIRES VILLAS AT SOUTH POINT APARTMENTS IN MCDONOUGH, GEORGIA

RICHMOND, VA, BOCA RATON, FL and MCDONOUGH, GA – June 30, 2008 – Silver-McCann Apartment Group II, L.P. ("Silver-McCann") announced the acquisition of Villas at South Point Apartments in Atlanta (McDonough), Georgia. The 284-unit, garden-style community located in the McDonough submarket of metropolitan Atlanta was built in 2006 and will be managed by Signature Management Company. The acquisition was funded in part by a combination of the assumption of an existing Freddie Mac loan with a rate of 6.21% and a second Freddie Mac mortgage with a rate of 6.58% originated by Primary Capital Advisors LC, which also represented the Seller in a real estate brokerage capacity.

With this acquisition, Silver Capital -- a division of Silver Companies -- and McCann Realty Partners have added the fourth asset to their latest apartment investment fund, Silver-McCann Apartment Group II, L.P. Current plans call for the fund to close after its next purchase, expected to bring its total acquisitions to more than $150 million in one-and-a-half years. Since Silver-McCann made its first acquisition in 2005, they have acquired more than 2900 apartment homes in their two funds.

"Villas at South Point is the fourth Atlanta-area apartment community acquired by the Silver-McCann Apartment Group funds. It is a well-located, high-quality community, but its rents are fairly modest," said Silver Companies CEO Larry D. Silver. "We expect Villas at South Point to benefit from the rapid growth that Henry County is expected to continue to experience."

"Villas at South Point is another community that we are acquiring from the original developer. This allows us to come in fresh with new management, a new marketing plan and a different approach to creating value," said John McCann of McCann Realty Partners. "At Villas at South Point, there is the opportunity for strong net operating income growth from occupancy gains, higher net rents and lower operating expenses. We hope to be able to capture such growth during the next two years."

Silver-McCann Apartment Group, L.P. was organized in April 2005 by McCann Realty Partners, LLC, an apartment investment company, and Silver Capital, LLC, a division of the real estate development and investment firm Silver Companies, to acquire apartment communities in the Mid-Atlantic and 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 continues the partnership with the expectation of acquiring approximately $150 million worth of apartment communities before year end 2008.

Silver-McCann is currently seeking apartment acquisitions in the Mid-Atlantic, Southeast and Texas. For more information, please contact Brand Inlow, Chief Investment Officer, at (804) 290-8870.

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 teams 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, D.C. 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. McCann teams with institutional capital sources to acquire, develop and manage garden apartment communities in the Southeast, Southwest and adjacent regions, with particular emphasis on the Virginia, North Carolina, Atlanta, Texas and DC/Baltimore markets. By leveraging industry relationships developed during the past 35 years, McCann has demonstrated its ability to access capital and find, finance and close apartment deals. The Company is in the market continuously to acquire both Class A and value added apartment communities of 150 homes or more. McCann is also developing apartment communities in the Southwest. Since inception, McCann has acquired 14 apartment communities totaling over 3300 units in transactions valued at more than $250 million. For more information, visit www.mrpapts.com.

Contact:

Fleet Wallace, McCann Realty (804) 290-8870
Bernadette Bruce, Silver Companies (561) 981-5252

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SILVER-MCCANN APARTMENT GROUP II, L.P. INCREASES HOLDINGS IN METROPOLITAN ATLANTA, ACQUIRES CARRINGTON GREEN APARTMENTS IN MCDONOUGH, GEORGIA

RICHMOND, VA, BOCA RATON, FL and MCDONOUGH, GA – February 7, 2008 – Silver-McCann Apartment Group II, L.P. ("Silver-McCann") announced the acquisition of Carrington Green Apartments in Atlanta (McDonough), Georgia. The 264-unit, garden-style community located in the McDonough submarket of metropolitan Atlanta was built in 2005 and will be managed by Signature Management Company. The acquisition was funded in part by a combination of the assumption of an existing Freddie Mac loan with a rate of 4.86% and a second Freddie Mac mortgage with a rate of 5.78% originated by Primary Capital Advisors LC.

With this acquisition, Silver Capital -- a division of Silver Companies -- and McCann Realty Partners have added the third asset to their latest apartment investment fund, Silver-McCann Apartment Group II, L.P., with the expectation of acquiring an additional $50-100 million worth of apartment communities in this second fund.

"Carrington Green is the third Atlanta area apartment community acquired by the Silver McCann Apartment Group funds. It is a well located, high quality community but its rents are fairly modest," said Silver Companies CEO Larry D. Silver. "We expect Carrington Green to benefit from the rapid growth that Henry County will continue to experience."

"Carrington Green is another community that we are acquiring from the original developer. This allows us to come in fresh with new management, a new marketing plan and a different approach to creating value," said John McCann of McCann Realty Partners. "At Carrington Green, there is the opportunity for strong net operating income growth from occupancy gains, higher net rents and lower operating expenses. We hope to be able to capture such growth during the next two years."

Silver-McCann Apartment Group, L.P. was organized in April 2005 by McCann Realty Partners, LLC, an apartment investment company, and Silver Capital, LLC, a division of the real estate development and investment firm Silver Companies, to acquire apartment communities in the Mid-Atlantic and Southeast. The initial fund reached its stated objective of acquiring an apartment portfolio valued at approximately $111 million in the first 18 months of the partnership. Silver-McCann Apartment Group II, L.P. was formed in January 2007 and continues the partnership with the expectation of acquiring $150-$200 million worth of apartment communities before year end 2008. Silver-McCann has broadened its geographic scope to include the Dallas, Houston, Austin and San Antonio markets in Texas.

Silver-McCann is currently seeking apartment acquisitions in the Mid-Atlantic, Southeast and Texas. For more information, please contact Brand Inlow, Chief Investment Officer, at (804) 290-8870.

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 teams 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, D.C. and Boca Raton, FL. For more information, visit www.silvercompanies.com.

Richmond, VA-based McCann Realty Partners, LLC, was started in late 2004 to invest in apartments. Its principals have decades of apartment industry experience. By leveraging industry relationships developed over the past 35 years, McCann has demonstrated its ability to access capital sources and create deal flow, enabling it to find and close apartment investments. For more detailed information, visit www.mrpapts.com.

Contact:

Bernadette Bruce, Silver Companies (561) 981-5252
Fleet Wallace, McCann Realty (804) 290-8870

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MCCANN REALTY PARTNERS, LLC SELLS RICHMOND, VIRGINIA APARTNMENTS

RICHMOND, VA – August 30, 2007 – McCann Realty Partners, LLC ("McCann") announced the sale of the Park at Forest Hill and Chateau de Ville Apartments in Richmond, Virginia. The two garden style communities, which represent a total of 118 units, were acquired in early 2005. Both properties benefited from upgrades and improvements completed in 2005 and 2006 which led to increases in occupancy and market rents.

Formed in October 2004, Richmond, Virginia based McCann Realty Partners and its principals have decades of diverse experience in the apartment business. McCann teams with institutional capital sources to acquire and manage garden apartment communities in the Southeast and adjacent regions, with particular emphasis on the Virginia, North Carolina, Atlanta, Dallas/Fort Worth and DC/Baltimore markets. By leveraging industry relationships developed during the past 35 years, McCann has demonstrated its ability to access capital sources and create deal flow, enabling it to find and close apartment investments that provide superior returns.

In April 2005, McCann and Silver Capital, LLC, a division of the real estate development and investment firm Silver Companies, organized Silver-McCann Apartment Group, L.P. to acquire apartment communities in the Mid-Atlantic and 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 continues the partnership with the expectation of acquiring $150-$200 million worth of apartment communities over the next two years. Silver-McCann has broadened its geographic scope to include the Dallas, Houston, Austin and San Antonio markets in Texas.

McCann also plans to develop multi-family communities in the southwest region under the direction of Mark Wood, Director of Development.

Contact:

Fleet Wallace, McCann Realty (804) 290-8870

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SILVER-MCCANN APARTMENT GROUP II, L.P. ENTERS DALLAS MARKET, ACQUIRES THE BARONS APARTMENTS IN MESQUITE, TEXAS

RICHMOND, VA, BOCA RATON, FL and DALLAS, TX - June 12, 2007 - Silver-McCann Apartment Group II, L.P. ("Silver-McCann") announced the acquisition of The Barons Apartments in Dallas (Mesquite), Texas. The 508-unit, garden-style community located in the Mesquite submarket of metropolitan Dallas was built in two phases in 1999 and 2002 and will be managed by Lincoln Property Company. The acquisition was funded in part by a 10-year fixed rate loan with a rate of 5.84% originated by Lehman Brothers Bank, FSB.

With this acquisition, Silver Capital -- a division of Silver Companies -- and McCann Realty Partners have added the second asset to their latest apartment investment fund, Silver-McCann Apartment Group II, L.P., with the expectation of acquiring an additional $120 million worth of apartment communities in this second fund.

"The Barons Apartments is an ideal acquisition for our second apartment fund. We were able to attractively leverage this class A community with a long-term fixed rate conduit loan at 5.84%," said Silver Capital CEO Larry D. Silver. "This is the sixth acquisition that Silver-McCann has made during the last calendar year. While it is a very competitive market for investments, we are very encouraged by the success that we are having accessing apartment acquisitions that meet our funds’ objectives."

"We like buying well located, quality communities like The Barons from their original developer about five years after completion when the community is ready for fresh paint, a spruce-up of amenities and a renewed focus on marketing," said John McCann of McCann Realty Partners. "We are just beginning to see real rent growth in some DFW submarkets, including the Mesquite submarket, so we think that the timing of our acquisition of The Barons is just about right."

Silver-McCann Apartment Group, L.P. was organized in April 2005 by McCann Realty Partners, LLC, an apartment investment company, and Silver Capital, LLC, a division of the real estate development and investment firm Silver Companies, to acquire apartment communities in the Mid-Atlantic and 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 continues the partnership with the expectation of acquiring $150-$200 million worth of apartment communities over the next two years. Silver-McCann has broadened its geographic scope to include the Dallas, Houston, Austin and San Antonio markets in Texas.

Silver-McCann is currently seeking apartment acquisitions in the Mid-Atlantic, Southeast and Texas. For more information, please contact Brand Inlow, Director of Acquisitions, at (804) 852-6657.

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 teams 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, D.C. and Boca Raton, FL. For more information, visit www.silvercompanies.com.

Richmond, VA-based McCann Realty Partners, LLC, was started in late 2004 to invest in apartments. Its principals have decades of apartment industry experience. By leveraging industry relationships developed over the past 35 years, McCann has demonstrated its ability to access capital sources and create deal flow, enabling it to find and close apartment investments. For more detailed information, visit www.mrpapts.com.

Contact:

Bernadette Bruce, Silver Companies (561) 981-5252
Fleet Wallace, McCann Realty (804) 225-8870

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MCCANN REALTY PARTNERS HIRES DIRECTOR OF DEVELOPMENT

RICHMOND, VA – May 9, 2007 – Mark E. Wood has joined McCann Realty Partners as a Principal and Director of Development. Among Wood’s chief responsibilities will be overseeing the development and construction of multi-family projects with particular emphasis on Texas and other Southwest markets.

Mark Wood served as Senior Vice President –Development of United Dominion Realty Trust, Inc. ("UDR") from 1997 to 2006 and before that held similar positions with Southwest Property Trust. While at UDR, Wood was responsible for the development and construction of over 7,600 multi-family units in Dallas, Austin, San Antonio, Houston, Phoenix, Denver, Orange County, San Francisco and other western markets. He also developed multi-family projects in several eastern markets, including Charlotte and Durham, North Carolina.

"I am very excited about this opportunity to join McCann and direct their multi-family development efforts," Wood said. "We expect to start two to three apartment developments per year in the markets where I have developed and constructed apartment communities over the last 25 years. We are actively looking at development sites in several Texas markets."

"I worked with Mark over a number of years on the acquisition and entitlement of sites and the development and construction of apartment communities in Austin, Dallas, Houston, San Antonio, Denver and Phoenix. I have so much confidence in the development skill set that he brings to our company," said John P. McCann. "With Mark aboard, we are confidently launching our development program while continuing to acquire existing apartment communities."

McCann is currently seeking land for multi-family development in Texas and other southwest markets. For more information, please contact Mark Wood, Director of Development, at (214) 537-0144 or mwood@mrpapts.com.

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Richmond, VA-based McCann Realty Partners, LLC, was started in late 2004 to invest in apartments. Its principals have decades of apartment industry experience. By leveraging industry relationships developed over the past 35 years, McCann has demonstrated its ability to access capital sources and create deal flow, enabling it to find and close apartment investments. McCann along with Silver Capital Companies of Virginia and Florida sponsors two apartment investment funds. For more detailed information, visit www.mrpapts.com.

Contact:

Fleet Wallace, McCann Realty (804) 225-8870

SILVER-MCCANN ACQUIRES SHILOH VALLEY OVERLOOK APARTMENTS IN ATLANTA AS FIRST ACQUISITION IN SECOND FUND

RICHMOND, VA, BOCA RATON, FL and ATLANTA, GA – January 16, 2007 – Silver-McCann Apartment Group II, L.P. ("Silver-McCann") announced the acquisition of Shiloh Valley Overlook Apartments in Atlanta (Kennesaw), Georgia. The 300-unit, garden-style portfolio located in the thriving Town Center submarket of metropolitan Atlanta will be managed by RAM Partners, LLC. The acquisition was funded in part by a 10-year fixed rate loan with a rate of 5.75% originated by Lehman Brothers Bank, FSB.

With this acquisition, Silver Capital -- a division of Silver Companies -- and McCann Realty Partners are launching their second apartment fund, Silver-McCann Apartment Group II, L.P., with the expectation of acquiring $150 million worth of apartment communities in 2007.

"Shiloh Valley Overlook in Atlanta's Northern Cobb County is an ideal first acquisition for our second apartment fund. We were able to attractively leverage this class A community with a long-term fixed rate conduit loan at 5.75%," said Silver Capital CEO Larry D. Silver. "This is the fifth acquisition that Silver-McCann has made over the last seven months. While it is a very competitive market for investments, we are very encouraged by the success that we are having accessing apartment acquisitions that meet our funds’ objectives."

"We like high quality, well-located communities in strong Atlanta sub-markets. Shiloh Valley Overlook in the Town Center submarket of Cobb County meets this criteria," added John P. McCann of McCann Realty Partners. "It enjoys fairly high physical occupancy, but its economic occupancy is about 15% lower. We expect solid NOI growth at least this year and next from higher effective rents from both rent growth and lower concessions."

Silver-McCann Apartment Group, L.P. was organized in April 2005 by McCann Realty Partners, LLC, an apartment investment company, and Silver Capital, LLC, a division of the real estate development and investment firm Silver Companies, to acquire apartment communities in the Mid-Atlantic and 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. continues the partnership with the expectation of acquiring $150-$200 million worth of apartment communities over the next two years.

Silver-McCann is currently seeking apartment acquisitions in the Mid-Atlantic and Southeast. For more information, please contact Brand Inlow, Director of Acquisitions, at (804) 852-6657.

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 teams 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, D.C. and Boca Raton, FL. For more information, visit www.silvercompanies.com.

Richmond, VA-based McCann Realty Partners, LLC, was started in late 2004 to invest in apartments. Its principals have over 70 years of apartment industry experience. By leveraging industry relationships developed over the past 35 years, McCann has demonstrated its ability to access capital sources and create deal flow, enabling it to find and close apartment investments that provide superior returns. For more detailed information, visit www.mrpapts.com.

Contact:

Bernadette Bruce, Silver Companies (561) 981-5252
Fleet Wallace, McCann Realty (804) 225-8870

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SILVER-MCCANN ACQUIRES THREE APARTMENT COMMUNITIES IN GREATER INDIANAPOLIS MARKET - CLOSES FIRST FUND

RICHMOND, VA, BOCA RATON, FL and INDIANAPOLIS, IN – October 19, 2006 – Silver-McCann Apartment Group, L.P. ("Silver-McCann") announced the acquisition of Northlake Village, Mission Hills Village and Jamestown Village Apartments in greater Indianapolis, Indiana. The 795-unit, garden-style portfolio will be managed by Buckingham Management, LLC of Indianapolis. The acquisition of two of the communities was funded in part by a 10-year Fannie Mae fixed rate loan with a rate of 5.55% originated by Deutsche Bank Berkshire Mortgage, Inc. The third community was financed with a three-year floating rate loan with the same lender.

With the acquisition of three communities in the Indianapolis market, Silver Capital -- a division of Silver Companies -- and McCann Realty Partners are closing out the first Silver-McCann Apartment Group, L.P. fund with seven apartment communities totaling 1,593 apartment homes in three markets – Raleigh, NC; Atlanta, GA; and Indianapolis, IN. According to partnership officials, the portfolio offers its investors good upside from occupancy gains, reduced concessions and higher rental rates.

"We are in an excellent position to benefit from steadily improving apartment markets," said Silver Capital CEO Larry D. Silver. "We could not be more pleased with our initial venture with McCann Realty Partners. We are planning a second fund together with the expectation of acquiring $150 million worth of apartment communities in 2007."

"In Silver-McCann, we look for opportunities to purchase properties that will benefit from capital improvements and new management," added John P. McCann of McCann Realty Partners. "Northlake Village, Mission Hills Village and Jamestown Village have always been owned by their original developer and will benefit from improvements and a new set of hands."

Silver-McCann Apartment Group, L.P. was organized in April 2005 by McCann Realty Partners, LLC, an apartment investment company, and Silver Capital, LLC, a division of the real estate development and investment firm Silver Companies, to acquire apartment communities in the Mid-Atlantic and Southeast. The initial fund has reached its stated objective of acquiring an apartment portfolio valued at approximately $100 million in the first 18 months of the partnership.

The principals expect to form a second fund and acquire another $150 million of multifamily properties over the next two years. Silver-McCann is currently seeking apartment acquisitions in the Mid-Atlantic and Southeast. For more information, please contact Brand Inlow, Director of Acquisitions, at (804) 852-6657.

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 teams 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, D.C. and Boca Raton, FL. For more information, visit www.silvercompanies.com.

Richmond, VA-based McCann Realty Partners, LLC, was started in late 2004 to invest in apartments. Its principals have over 65 years of apartment industry experience. By leveraging industry relationships developed over the past 35 years, McCann has demonstrated its ability to access capital sources and create deal flow, enabling it to find and close apartment investments that provide superior returns. For more detailed information, visit www.mrpapts.com.

Contact:

Bernadette Bruce, Silver Companies (561) 981-5252
Fleet Wallace, McCann Realty (804) 225-8870

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SILVER-MCCANN APARTMENT GROUP, L.P. ENTERS ATLANTA MARKET, ACQUIRES ST. IVES APARTMENTS IN DALLAS (PAULDING COUNTY), GEORGIA

RICHMOND, VA, BOCA RATON, FL and DALLAS, GA – June 30, 2006 – Silver-McCann Apartment Group, L.P. ("Silver-McCann"), announced the acquisition of St. Ives Apartments in Dallas (Paulding County), Georgia. The 332-unit, garden-style community located in the thriving Paulding County submarket in northwest metropolitan Atlanta will be managed by RAM Partners, LLC. 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.

"We have been looking for the right opportunity in an improving Atlanta market, and we found it in St. Ives. It is a new, well located apartment community with attractive floor plans and excellent amenities," said Silver Capital CEO Larry D. Silver. "It is a very good first Atlanta acquisition for Silver McCann. We hope to make additional apartment acquisitions in Atlanta this year."

"Silver McCann is a value buyer, and we like the value that St. Ives represents. We think it is the best apartment product in the submarket. 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," said John P. McCann of McCann. "We have a rent-up to complete on the last two buildings, and we are confident that we will complete the rent-up and grow rents this year."

Silver-McCann -- a joint venture between McCann Realty Partners, LLC, an apartment investment company, and Silver Capital, LLC ("Silver"), a real estate development and investment firm -- 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. Silver-McCann is currently seeking apartment acquisitions in the Mid-Atlantic and Southeast. For more information, please contact Brand Inlow, Director of Acquisitions, at (804) 852-6657.

Silver Capital, LLC is a division of Silver Companies, a Metro Washington, D.C.- and Boca Raton, Fl–based master developer of large commercial and residential land tracts and a diversified real estate investment firm.

Since 1941, Silver Companies has built an impressive private 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 teams of division presidents, engineers, contractors, project managers, lending, leasing and acquisitions agents and nationally-recognized strategic partners. For more information, visit www.silvercompanies.com.

Richmond, VA-based McCann Realty Partners, LLC, was started in late 2004 to invest in apartments. Its principals have over 65 years of apartment industry experience. By leveraging industry relationships developed over the past 35 years, McCann has the unique ability to access capital sources and create deal flow, enabling it to find and close apartment investments that provide superior returns. For more detailed information, visit www.mrpapts.com.

Contact:

Bernadette Bruce, Silver Companies (561) 981-5252
Fleet Wallace, McCann Realty (804) 225-8870

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SILVER-MCCANN APARTMENT GROUP, L.P. CONTINUES INVESTMENT IN RALEIGH, NORTH CAROLINA, ACQUIRES TWO MORE APARTMENT COMMUNITIES

RICHMOND, VA, BOCA RATON, FL and RALEIGH, NC – November 8, 2005 – Silver-McCann Apartment Group, L.P. ("Silver-McCann"), announced the acquisition of two more apartment communities in Raleigh, North Carolina -- Laurel Springs and Laurel Oaks Apartments. The 122 and 164-unit, garden-style communities located in north Raleigh will be managed by RAM Partners, LLC. The acquisitions were funded in part by a 10-year Fannie Mae fixed rate loan with a rate of 5.325% originated by Deutsche Bank Berkshire Mortgage, Inc. The acquisition brings the total to three North Carolina apartment communities now owned by the Richmond, VA-based Silver McCann, following the acquisition of the 180-unit Hunter’s Glen earlier this year.

"Raleigh, North Carolina seems to be experiencing an economic rebound that we feel is worth investing in ourselves," said Silver Capital CEO Larry D. Silver. "It is our goal to improve the communities and in so doing improve rates and occupancies."

"Laurel Springs and Laurel Oaks are two well located north Raleigh apartment communities that will benefit from our planned capital improvements and a gradually improving Triangle apartment market," said John P. McCann of McCann. "We will be spending $500,000, initially, on various capital items that will better position both communities to grow the bottom line."

Silver-McCann -- a joint venture between McCann Realty Partners, LLC, an apartment investment company, and Silver Capital, LLC ("Silver"), a real estate development and investment firm -- 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. Silver-McCann is currently seeking apartment acquisitions in the Mid-Atlantic and Southeast. For more information, please contact Brand Inlow, Director of Acquisitions, at (804) 852-6657.

Silver Capital, LLC is a Boca Raton, Fla.-based division of Silver Companies, a master developer of large commercial and residential land tracts and a diversified real estate investment firm headquartered in Metro Washington D.C.

Over the past six decades, Silver Companies has built an impressive private enterprise with commercial development approaching 11 million sq. ft. and residential site development totaling more than 40,000 units. In addition, the company’s private equity division has provided more than $1 billion in capital to builders and developers during the last 10 years. Silver Companies is led by CEO Larry D. Silver and is backed by teams of division presidents, engineers, contractors, project managers, lending, leasing and acquisitions agents and nationally-recognized strategic partners. For more detailed information, visit www.silvercompanies.com.

Richmond, VA-based McCann Realty Partners, LLC, was started in 2004 to invest in apartments. Its principals have over 60 years of apartment industry experience. By leveraging industry relationships developed over the past 30 years, McCann has the unique ability to access capital sources and create deal flow, enabling it to find and close deals that provide investors with superior returns.

Contact:

Bernadette Bruce, Silver Companies (561) 981-5252
Fleet Wallace, McCann Realty (804) 225-8870

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MCCANN REALTY AND SILVER CAPITAL JOIN FORCES TO AQUIRE APARTMENT COMMUNITIES THROUGHOUT THE SOUTHEAST WITH PLANS TO INVEST $100 MILLION+ IN FIRST TWO YEARS FIRST ACQUISITION IS HUNTER’S GLEN IN RALEIGH, NORTH CAROLINA

RICHMOND, VA, BOCA RATON, FL and RALEIGH, NC – May 11, 2005 – McCann Realty Partners, LLC, an apartment investment company, and Silver Capital, LLC ("Silver"), a real estate development and investment firm, today announced the formation of Silver-McCann Apartment Group, L.P. ("Silver-McCann"), a joint venture to acquire apartment communities in the Mid-Atlantic and Southeast.

Silver-McCann also announced completion of its first acquisition, Hunter's Glen Apartments in Raleigh, North Carolina. The 180-unit, garden-style community located near North Carolina State University will be managed by RAM Partners, LLC. The acquisition was funded in part by a 10-year Fannie Mae fixed rate loan with a rate of 5.495% originated by Deutsche Bank Berkshire Mortgage, Inc.

"We have enjoyed tremendous success working with national builders, developers and other strategic partners," said Silver Capital CEO Larry D. Silver. "When we decided to cast a net for investment in apartment communities, McCann Realty was a name with which we could relate. With more than 120 years of real estate experience among the principals of both companies, we are excited to be working together to build a significant apartment portfolio."

"We had known about Silver Companies for many years and it is ideal for us to partner with a significant real estate organization and benefit from our diverse real estate experiences as we build a strong, regional apartment portfolio. Our first acquisition, Hunter's Glen, provides the opportunity to invest in the Raleigh apartment market at a time when economic occupancies appear to have bottomed and apartment fundamentals are improving," said McCann's founder John P. McCann. "It is the first of many acquisitions that we will be doing together as we build our apartment portfolio."

The principals expect to invest in excess of $100 million over the initial two years of the partnership. Silver-McCann is currently seeking apartment acquisitions in the Mid-Atlantic and Southeast. For more information, please contact Brand Inlow, Director of Acquisitions, at (804) 852-6657.

Silver Capital, LLC is a division of Silver Companies, a master developer of large commercial and residential land tracts and a diversified real estate investment firm.

Over the past six decades, Silver Companies has built an impressive private enterprise with commercial development approaching 11 million sq. ft. and residential site development totaling more than 40,000 units. In addition, the company's private equity division has provided more than $1 billion in capital to builders and developers during the last 10 years. Silver Companies is led by CEO Larry D. Silver and is backed by teams of division presidents, engineers, contractors, project managers, lending, leasing and acquisitions agents and nationally-recognized strategic partners. For more detailed information, visit www.silvercompanies.com.

Richmond, VA-based McCann Realty Partners, LLC, was started in 2004 to invest in apartments. Its principals have over 60 years of apartment industry experience. By leveraging industry relationships developed over the past 30 years, McCann has the unique ability to access capital sources and create deal flow, enabling it to find and close deals that provide investors with superior returns.

Contact:

Bernadette Bruce, Silver Companies (561) 981-5252
Fleet Wallace, McCann Realty (804) 225-8870

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MCCANN REALTY PARTNERS, LLC ACQUIRES RICHMOND, VIRGINIA APARTMENTS

RICHMOND, VA – February 1, 2005 – McCann Realty Partners, LLC, an apartment investment company focusing on apartment properties in the Southeast, announced that it has completed its first acquisition by purchasing Kings Park and Chateau de Ville Apartments in Richmond, Virginia. The two garden style communities, which represent a total of 118 units, were acquired from an affiliate of King Properties, Inc and will be professionally managed by Drucker and Falk, LLC. The acquisition was funded in part by a 10-year Fannie Mae fixed rate loan with a blended rate of 5.28% originated by Deutsche Bank Berkshire Mortgage, Inc.

Director of Acquisitions W. Brand Inlow commented, "We are very excited to close our first deal. We believe this acquisition is a solid first step in our execution of a strategy to co-invest with partners on C+ to A properties, with particular emphasis on the Virginia, North Carolina, and DC/Baltimore markets."

Richmond, Virginia based McCann Realty Partners, LLC and its principals have over 60 years of diverse experience in the apartment business. By leveraging industry relationships developed during the past 30 years, McCann has the unique ability to access capital sources and create deal flow enabling it to seek out and close deals that provide investors with superior returns.

Contacts:

McCann Realty Partners, LLC
W. Brand Inlow
Director of Acquisitions
804/852-6657
804/497-7848 fax
wbinlow@comcast.net

D. Fleet Wallace
Principal
804/225-8870
804/497-7848 fax
greystonedfw@cavtel.net

FORMER UNITED DOMINION CEO ANNOUNCES FORMATION OF MCCANN REALTY PARTNERS, LLC

RICHMOND, VA – October 11, 2004 – John McCann, the former chairman and chief executive officer of United Dominion Realty Trust, Inc., a NYSE-listed apartment REIT located in Richmond, Virginia, is joining with two former UDR employees to form McCann Realty Partners, LLC, an apartment investment company that will focus on apartment properties in the Southeast. McCann, along with partners Brand Inlow and Fleet Wallace, will seek to co-invest with institutional partners on C+ to A properties, with particular emphasis on the Virginia, North Carolina, and DC/Baltimore markets.

Richmond, Virginia based McCann Realty Partners, LLC and its principals have over 60 years of diverse experience in the apartment business. By leveraging industry relationships developed during the past 30 years, McCann will have the unique ability to access capital sources and create deal flow enabling it to seek out and close deals that provide investors with superior returns.

Contacts:

McCann Realty Partners, LLC
W. Brand Inlow
804/ 852-6657
804/497-7848 fax
wbinlow@comcast.net

D. Fleet Wallace
804/225-8870
804/497-7848 fax
greystonedfw@cavtel.net