McCann Realty Partners acquires Henrico apartment community

Published July 26, 2016 by Robert Powell, III

McCann Realty Partners and its joint venture partner, Artemis Real Estate Partners, have acquired Hickory Creek, a 294-unit apartment community located in Henrico County.

The purchase price was not disclosed.

Built in 1984, the three-story garden-style complex at 2344 Hickory Creek Drive is in Henrico’s West End. Hickory Creek is situated on about 20 acres.

“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,” Thomas Upson, McCann's vice president of acquisitions, said in a statement.

The location provides access to I-64 and is near retail destinations, including West Broad Village and Short Pump Town Center,
The property will be managed by Pegasus Residential.

Richmond-based McCann is seeking acquisition and development opportunities in the mid-Atlantic, Southeast and Texas. Since its inception, McCann has acquired 27 apartment communities totaling more than 7,200 homes in transactions valued at approximately $615 million.  McCann has also completed or has under development nine communities totaling 2,688 homes with an estimated completed value of $350 million.