An affiliate of Equus Capital Partners has acquired a six-property, garden-style multi-family portfolio totaling 1,249-units that are located in the Atlanta, Philadelphia, Raleigh and St. Louis metro areas. The portfolio was purchased for $220 million and was acquired on behalf of a programmatic joint venture between the affiliate and a U.S based public pension plan.

The portfolio has an average vintage of 1984 and an average unit size of 989 square-feet and was 94% leased at the time of acquisition.

Equus plans to invest over $17 million, including interior and exterior upgrades along with enhancement of the common area amenities. Madison Apartment Group L.P., the multi-family operating arm of Equus, will oversee the upgrades in addition to managing the community.