McCann Realty Partners begins construction on apartment project in Houston
McCann Realty Partners LLC has started construction on a 350-unit apartment project in the Pearland submarket of Houston. The property is located in the Shadow Creek Ranch development, a 3,500 acre-master planned community with more than 5,000 homes and a town center retail development.
The Class A apartment project will include three-story stone and stucco exteriors with attached and detached garages. Among amenities will be a clubhouse with fitness center, swimming pool and an activity center with video games, a cyber café and a kitchen.
According to a news release from MRP, Regions Bank funded the construction loan. The company, which has offices on Gaskins Road in Henrico County and in Dallas, will act as its own general contractor.
“To date, we have developed and sold three projects in Houston and hope to continue our success with Radius at Shadow Creek Ranch,” McCann's president, Matthew T. Akin, said in a statement.
The company, which employs a staff of 10 in the Richmond area, does not own any apartment projects here. “We’re always looking. I wish we did,” said Fleet Wallace, the company’s chief financial officer, who works in the Henrico office.
The Richmond connection dates back to when the company’s officers were principals for United Dominion Realty Trust, which was located here. It was later sold and relocated to Denver.
MRP teams with institutional capital sources to acquire, develop and manage apartment communities in the Southeast, Southwest and mid-Atlantic. It’s currently developing apartment communities in Dallas, Houston and Orlando, Fla.
Since the company was founded in 2004, MRP has acquired 23 apartment communities valued at about $485 million.