Equus Affiliate Buys $220M Apartment Portfolio
The 1,249-unit portfolio was acquired on behalf of a programmatic JV with a pension plan.
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.
The transaction was directly sourced and negotiated. Newmark’s Debt Capital Markets team of Steve Comly and Kippy Donovan assisted Equus in securing a ten-year fixed rate loan from Fannie Mae.