McCann Realty Partners And DRA Advisors Acquire 291-Home The Crest At Brier Creek Apartments In Raleigh, N.C.

RICHMOND, Va., NEW YORK and RALEIGH, N.C., July 14, 2014 /PRNewswire-USNewswire/ -- McCann Realty Partners, LLC ("McCann" or "MRP") and its equity partner, New York-based DRA Advisors LLC ("DRA"), announced the acquisition of The Crest at Brier Creek Apartments in Raleigh, NC.  Built in 2013, the 291-home, garden-style community located in the Brier Creek submarket in Raleigh will be managed by Pegasus Residential, LLC.  The community amenities include a craftsman style clubhouse with fitness center, a luxury pool, and an outdoor living space with grilling area.  

"The Brier Creek submarket in Raleigh has grown rapidly and is supported by strong demographics and population growth.  The job growth numbers in Raleigh have consistently ranked among the highest for large cities in the U.S. over the last several years," said McCann's Vice President of Acquisitions, Thomas Upson.  "The Crest at Brier Creek provided us with the opportunity to purchase a newly constructed Class A asset in a good location that will benefit from the dynamic long-term job growth expected to continue in Raleigh." 

Matthew T. Akin, President of McCann said, "We are excited to work with DRA on this acquisition and look forward to expanding our relationship in the future.  MRP is focused on growing our portfolio as the fundamentals for the multifamily sector continue to be strong.  For Raleigh, the market is driven by strong employers in the Research Triangle, a highly educated workforce backed by local colleges and universities and a desirable quality of life." 

McCann continues to seek new acquisition and development opportunities in the Mid-Atlantic, Southeast and Texas. For acquisitions, please contact Thomas Upson, Vice President of Acquisitions, at (804) 290-8870, ext 317.  For development, please contact Nathan Henry, Sr. Project Manager, at (214) 363-6200, ext 303.

About McCann Realty Partners, LLC

McCann and its principals have decades of diverse experience and a very strong track record in the apartment industry. With offices in Richmond, Virginia and Dallas, Texas, MRP teams with institutional capital sources to acquire, develop and manage apartment communities in the Mid-Atlantic, Southeast and Texas.  MRP is also currently developing apartment communities in Texas and Florida.

Since inception, MRP has acquired 24 apartment communities totaling more than 6,140 homes in transactions valued at approximately $525 million. MRP has also completed or has under development 8 communities totaling 2,532 homes with an estimated completed value over $315 million.

For more information, visit www.mrpapts.com.

About DRA Advisors LLC

DRA Advisors LLC is a New York-based registered investment advisor specializing in real estate investment management services for institutional and private investors, including pension funds, university endowments, foundations, and insurance companies. Founded in 1986, the firm currently manages over $10.5 billion in assets, including 17 million square feet of office space, 22 million square feet of industrial properties, 21 million square feet of retail space and 37,000 residential units. Additional information about DRA can be found on the company's website at www.draadvisors.com.

Contact: Fleet Wallace, McCann Realty Partners (804) 290-8870

SOURCE McCann Realty Partners