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, 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.
“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.
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 Realty Partners, LLC ("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 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."
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 ("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-story garden-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."
