Local firm McCann Realty pays $33M for Southside apartment complex

The 200-unit complex is located off Midlothian Turnpike in the city’s Southside. (Mike Platania photos)

One of the larger multifamily deals of 2025 recently closed in the city’s Southside to a local buyer. 

Henrico-based McCann Realty Partners earlier this month purchased the Reserve South apartment complex at 6701-6730 Carnation St. for $33.4 million, city records show.

The 200-unit complex, which sits on 21 acres near the Midlothian Turnpike-Chippenham Parkway interchange, was previously known as Newport Manor. 

McCann bought Reserve South from BH Equities, an Iowa firm that had spent about $16 million for the apartments in 2015. The per-door sales price comes out to $167,000. The complex was most recently assessed at $29.7 million. 

Based in the West End, McCann has a portfolio of about 2,800 units. It owns a handful of other local apartment complexes like the Villages at West Laurel and Park West End, and also has a significant presence throughout the Southeast and Texas. 

The complex was built in the late 1980s.

Reserve South spans over 20 two-story buildings, and all the units have two or three bedrooms. It was 92 percent occupied at the time of sale. McCann closed on the property July 11. Berkadia helped arrange financing. 

McCann CEO Matthew Akin said the firm is planning some light renovations at Reserve South. 

“We’ll do a typical upgrade of the amenities and clean up any deferred maintenance around the exterior of the property, and then we go into the interiors and do what we would call a light, modest value-add,” he said. “It’s not a major, heavy, value-add property.”

Reserve South will be managed by McCann’s in-house property management division, Pegasus Residential. 

In the years after the pandemic the local multifamily sale market was red hot, with complexes routinely trading, some at record-breaking levels. But as interest rates crept up in 2022, the market cooled off. The region has seen only a few other eight- and nine-figure apartment deals this year, and McCann founder Fleet Wallace said he thinks the market is picking back up. 

“It slowed down precipitously. After the pandemic, things were cranking along in the Richmond market and across the country, at least in the Southeast and Texas where we focus,” Wallace said.

“I think things are starting to pick back up, as evidenced by the fact that we just closed on this deal. … Sellers are coming to grips with the fact that the pricing is not what it used to be, so to speak.”

The post Local firm McCann Realty pays $33M for Southside apartment complex appeared first on Richmond BizSense.