McCann seeks to acquire strategically located land to develop multifamily communities in select markets, with particular emphasis on Houston, Dallas/Fort Worth, Austin, Orlando, Raleigh/Durham, Charlotte, and Richmond.
Investment Strategy
Development Criteria
Category:
Well located land in strong submarkets including infill locations for development of multifamily residential communities.
Size:
Minimum 250 units, preferably 350+ units; 3-story garden walk-up product
Terms:
Typically, all cash, but will consider seller financing.
Submittal Information:
- Location map and area description
- Plat or parcel plan, current survey and topo
- Zoning and entitlement status
- Any offsite or other extraordinary development costs
- Aerial photograph of site and vicinity
- Current tax bill, market data (include sales and rent comps)
- Cash Proffers
Acquisition Criteria
McCann seeks to acquire well-located multifamily assets in select markets with particular emphasis on the Washington DC, Northern Virginia, Virginia, North Carolina, South Carolina, Atlanta, Nashville, Florida, Dallas/Fort Worth, Houston, and Austin markets. The desired investment includes Class A, B quality in B+ or better locations. We will consider garden, mid-rise and high-rise communities, as well as assets that can benefit from renovation and repositioning.
Category:
Class A or B communities. Rehab and repositioning properties considered. Will consider conversion of a building not currently operating as residential, e.g., warehouse to multifamily residential and/or mixed use and TOD assets.
Size:
200 units or larger.
Terms:
Typically, all cash, but will consider assumption of existing financing or seller financing.
Submittal Information:
- Location map and area description
- Complete property description
- Current tax bill
- Current and past three months rent rolls (including concessions and delinquencies)
- Detailed market data (include sales and rent comps)
- Aerial photograph of site and vicinity
- Color photographs
- Three years operating statements plus current YTD
- Terms of financing (if assumable) including any prepayment provisions
- Capital improvements listing for the last five years