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Silver-McCann Buys Houston Complex
Silver-McCann Apartment Group II LP bought a sizeable Houston target, marking a continuing play in that region.
September 1, 2008
Silver-McCann Apartment Group II LP bought a 240-unit apartment complex in Houston, the firm announced.
The buy was financed in part by assuming a Freddie Mac loan with a rate of 5.82%. The move marks the fifth and final buy of Silver-McCann’s apartment investment fund. The fund’s closing comes after making $154 million in buys in the last 18 months; the fund, along with Silver-McCann’s first fund, bought together about 3,200 homes.
"The current climate in which there is less financing and less equity capital for acquisitions provides an opportunity for us to grow our apartment portfolio, and we plan to continue to take advantage of this climate,” said Silver Companies chief executive Larry D. Silver.
The Silver-McCann Apartment Group is a joint venture from Silver Capital LLC and McCann Realty Partners.
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