McCann Realty Companions and LEM Capital Acquires 266-Unit Courthouse Inexperienced Townhome Group in Chesterfield, Virginia

McCann Realty Partners and LEM Capital Acquires 266-Unit Courthouse Green Townhome Community in Chesterfield, Virginia

RICHMOND, VA – McCann Realty Partners and its joint venture partner LEM Capital L.P. announced the acquisition of Courthouse Green Townhomes, a 266-strong Chesterfield, VA community within the Richmond MSA. Built between 1972 and 1974, the townhouse style condominium features spacious townhouse floor plans with direct access and high quality amenities such as a swimming pool, fitness center, playground and picnic area, all in a sparse environment on over 21 acres. The Courthouse Green is located at 6417 Statute St. just off Route 10 / Ironbridge Road. The completion of Route 288 has helped fuel population and economic growth in this part of Chesterfield County. The property benefits from proximity to Chesterfield County's government offices and excellent access to major employment centers across the MSA. The property is managed by Atlanta-based Pegasus Residential.

The joint venture will invest capital to improve the exterior, interior and decor. Unit upgrades include new appliances, washers and dryers installed, floor upgrades, and granite countertops in select units. Amenities were to be upgraded with the renovation of the clubhouse and fitness center, as well as outdoor entertainment and seating areas with barbecue stations.

"Our team is ready to take off," said Thomas Upson, McCann general manager. "Courthouse Green residents should benefit from the amenities and other improvements that we are making on the property."

"We are excited to add another asset to the Richmond market," said Matt Akin, president of McCann. "Courthouse Green fits in with our value creation strategy to significantly improve the overall positioning of the property and enhance the living experience of our residents. We are delighted to be working with LEM again on this transaction and look forward to continuing our partnership with them."

Source: McCann Realty Partners


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