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10-19-06 Silver-McCann Acquires Three Apartment Communities in Greater Indianapolis Market - Closes First Fund
RICHMOND, VA, BOCA RATON, FL and INDIANAPOLIS, IN – October 17, 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, MRP 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.
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