McCann Realty Partners and LEM Capital LP have acquired Marietta, Georgia-based Discovery Gateway Apartments, a 378-home community. No financial terms were disclosed. Pegasus Residential will manage the property.
RICHMOND, Va. and PHILADELPHIA, Sept. 19, 2019 /PRNewswire/ — 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).