McCann Realty Partners Expands Portfolio with Richmond's Reserve South Apartment Homes Acquisition

McCann Realty Partners Acquires Reserve South Apartment Homes

In a significant move to expand its real estate portfolio, McCann Realty Partners has announced the acquisition of Reserve South Apartment Homes in Richmond, Virginia. This expansive community of 200 homes, built in 1987, offers a variety of garden-style apartments featuring both 2 and 3-bedroom floor plans. The property boasts an impressive array of amenities, aimed at enhancing the living experience of its residents.

Located on over 20 acres of low-density land, Reserve South provides a tranquil environment complemented by features such as a swimming pool, outdoor grilling stations, a fitness center, and even a dog park. Its prime location offers residents easy access to crucial transportation routes, including the Midlothian Turnpike, Chippenham Parkway, and Powhite Parkway, making it convenient to reach major employment centers and popular shopping and lifestyle destinations like Chippenham Hospital, Stonebridge Shopping Center, and Springline at District 60.

Future Upgrades and Management

The management of the property will be undertaken by Pegasus Residential, a subsidiary of McCann based in Atlanta. As part of the acquisition, plans are set in motion to enhance certain apartment units with new appliances, upgraded flooring, and countertop renovations. Additionally, the amenities will receive a facelift, with upgrades planned for the pool area and the introduction of a new club room and grilling stations in a park-like setting, providing more options for residents to enjoy outdoor activities.

Thomas Upson, Managing Director at McCann, expressed enthusiasm regarding the acquisition, highlighting the positive impact of their team's expertise in operations and amenity enhancement. He believes that the upgrades will directly benefit the residents of Reserve South, improving their overall living experience.

A Strategic Investment in Richmond

Matt Akin, the President of McCann, echoed these sentiments, noting that acquiring Reserve South aligns perfectly with their value-add strategy. The focus is on significantly improving the property's overall positioning, enhancing appeal and functionality for current and future residents. This acquisition marks another strategic step for McCann as they continue to seek new opportunities for growth in the Mid-Atlantic, Southeast, and Texas regions.

With over 1,000 associates operating across 50 markets in 12 states, Pegasus Residential is committed to delivering outstanding service and enhancing community living across its portfolio. The company prides itself on being an NMHC Top 50 property management firm, managing a vast number of units while outperforming competitors through excellent service.

Looking Ahead

For those interested in more information regarding upcoming developments or acquisitions in these areas, McCann Realty Partners invites inquiries, showcasing its commitment to creating quality housing opportunities. By focusing on value creation through innovative strategies and disciplined execution, McCann Realty Partners aims to build and manage communities that not only house residents but also enrich their lives.

For additional details and to stay updated on McCann Realty's developments, you can visit their official website and explore the various opportunities they offer.