Madison Trailways in Burnsville, MN, a town that has become a popular bedroom community for the Twin Cities.
MINNEAPOLIS—Equus Capital Partners, Ltd., a Philadelphia-based private equity fund manager, has just sold Madison Atrium and Madison Trailways in Burnsville, MN, a suburb just south of Minneapolis. San Francisco-based FPA Multifamily, LLC bought the 588-unit apartment portfolio for $72.5 million.
In some ways, the sale was a bit of a surprise, as Equus purchased the value-add portfolio just two years ago and had finished renovations on about half the units. But the demand for apartment properties in this booming region, which has one of the lowest unemployment rates in the nation, was so robust that Equus officials realized they could get a great return even though the renovations were not complete.
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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.
