KANSAS CITY—Equus Capital Partners, Ltd., a Philadelphia-based private equity fund manager, has just sold Madison Wood View, a 320-unit apartment community, located about six miles southwest of downtown Kansas City in suburban Wyandotte County, KS, to Philadelphia-based PRG Real Estate for $22,000,000. At the time of the sale, the community was 97 percent leased.
“Investor demand proved strong for this attractive community that is well located in a first ring suburb with high barriers to entry,” says Greg Curci, a vice president at Equus who oversaw transaction.
Located near the intersection of Interstate 35 and the 18 Street Expressway, Madison Wood View offers quick access to downtown Kansas City and the Kansas University Medical Center. The garden-style community has one and two bedroom apartments with washer/dryer connections, vaulted ceilings and wood burning fireplaces. Amenities include an outdoor pool, fitness center, tennis court and resident clubhouse and lounge.
The seller was represented by Jeff Stingley and Gina Anderson of CBRE.
An affiliate of Equus acquired Madison as part of a 17-property portfolio in 2003. The transaction was made on behalf of BPG Investment Partnership VI, L.P., a $384 million private equity fund. Equus recently completed extensive exterior upgrades that included the addition of new Hardi cement siding on all buildings.
Equus' portfolio has over 24-million-square-feet of office, retail, student housing, and industrial properties and more than 18,000 apartment units in over 70 communities throughout the US.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
