McCann Realty Partners and LEM Capital LP have acquired Courthouse Green Townhomes, a 266-home community in Chesterfield, Virginia. No financial terms were disclosed.
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).