Press Releases

EQUUS ACQUIRES A 235-UNIT MULTI-FAMILY COMMUNITY IN PA’s LEHIGH VALLEY

<html xmlns="http://www.w3.org/1999/xhtml"> <head></head> <body> <p><img src="/media/3de1ab3e-1ad7-4ebb-a21f-a30894f0b9c9/Press Releases/2016_7-20_The Lakes Apartments Acquisition_7-20-2016/The Lakes Apartments_DSC02418_jpg" /></p> <p><strong>Philadelphia, PA – (July 20, 2016)</strong> – Equus Capital Partners, Ltd. (“Equus”), one of the nation’s leading private equity real estate fund managers, announced today that an affiliate has acquired The Lakes Apartments, a 235-unit garden-style multi-family community in the desirable West End neighborhood of Allentown, PA. The property was 95% occupied at the time of closing. The acquisition was made on behalf of Equus Investment Partnership X, L.P. (“Fund X”), a discretionary fund managed by Equus. Madison Apartment Group, L.P. (“Madison”), the multi-family operating arm of Equus, will manage the community.</p> <p>The community benefits from its proximity to the major interchanges of the Pennsylvania Turnpike’s Northeast Extension, I-78, and the Lehigh Valley Thruway, providing access to the Philadelphia metro area, the entire Lehigh Valley, as well as northern and central New Jersey. The Lakes is well-situated in a premier location in the heart of Allentown’s West End neighborhood which boasts strong home values, a desirable school district, and nearby retail amenities such as Wegmans, Target, and Panera Bread. With an average square footage of 1,200 square feet per unit and a mix of one bedroom and two and three bedroom flat and townhome style units, The Lakes benefits from its unique array of generous sized floorplans in a low-density setting of less than 8 units per acre. Amenities include an outdoor swimming pool, tennis court, walking trail, and an abundance of attractively landscaped open space.</p> <p>&#160;“This well-known community distinguishes itself with its spacious layouts and convenient location,” commented Greg Curci, Vice President of Equus who oversaw the acquisition for the firm. “We look forward to delivering a product and living experience consistent with the heightened expectations of today’s renter in the Lehigh Valley.”</p> <p>Over the coming months, Equus will invest approximately $2.5 million to improve the common areas and amenities, as well as to complete the unit interior upgrades that were begun under the prior ownership.</p> <p><strong>About Equus Capital Partners, Ltd. <br /> </strong> Equus Capital Partners, Ltd. (“Equus”), is one of the nation’s leading private equity real estate fund managers. Equus’ portfolio consists of approximately 18 million square-feet of office, retail, and industrial properties and over 11,000 apartment units in 49 multi-family communities located throughout the United States. The firm is headquartered in the Philadelphia area, with a principal office in Yardley, PA, and with offices in Philadelphia, Chicago, Los Angeles, Washington D.C., Boston, Atlanta, and Raleigh-Durham. For additional information, please visit the company’s website at <a href="http://www.equuspartners.com/">www.equuspartners.com</a>.</p> <p><strong>About Madison Apartment Group, L.P.</strong><br /> Madison Apartment Group, L.P. (“Madison”) is the multi-family operating arm for Equus Capital Partners, Ltd. Madison manages Equus’ multi-family portfolio consisting of over 11,000 apartment units in 49 communities located in 10 states throughout the United States. For additional information, please visit the company’s website at <a href="http://www.madisonapartmentgroup.com/">www.madisonapartmentgroup.com</a>.</p> <p><strong>For additional information about the company, please contact: <br /> </strong> Joseph G. Nahas, Jr., Senior Vice President<br /> (215) 575-2363 or visit <a href="http://www.equuspartners.com/">www.equuspartners.com</a></p> <p><strong>For additional information on the property, please contact: <br /> </strong> Greg Curci, Vice President<br /> (215) 575-2307 or <a href="mailto:gcurci@equuspartners.com">gcurci@equuspartners.com</a><br /></p> </body> </html>