Silver-McCann invests in North Carolina apartments

Says Raleigh's economy is on the rebound

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Silver-McCann Apartment Group L.P. has purchased two apartment communities totaling 286 units in Raleigh, N.C. The total value of the transactions was not disclosed. The properties include the 122-unit Laurel Springs and the 164-unit Laurel Oaks Apartments. Both are garden-style communities located in north Raleigh. The acquisition brings the total to three North Carolina apartment communities now owned by the Richmond, Va.-based Silver-McCann, following the acquisition of the 180-unit Hunter's Glen earlier this year. "Raleigh, North Carolina seems to be experiencing an economic rebound that we feel is worth investing in ourselves," said Silver Capital CEO Larry D. Silver. "It is our goal to improve the communities and in so doing improve rates and occupancies." Silver-McCann – a joint venture between McCann Realty Partners LLC, an apartment investment company, and Silver Capital LLC, a real estate development and investment firm – was formed in April 2005 to acquire a...