Press Releases

EQUUS ACQUIRES 188 UNIT HIGH-RISE MULTI-FAMILY COMMUNITY IN PHILADELPHIA, PA

<html xmlns="http://www.w3.org/1999/xhtml"> <head></head> <body> <p><img src="/media/90c4214a-29e0-4a5d-a0a1-85b79bc6e91b/@Hill House Apartments/DSC_1366 (1280x853)_jpg" /></p> <p><strong>Philadelphia, PA – (September 10, 2015)</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 Hill House Apartments, a 188 unit high-rise multi-family community in the Chestnut Hill neighborhood of Philadelphia. &#160;Acquired for $42 million, the property was 95% occupied at the time of closing. The acquisition marks the first multi-family investment for Equus Investment Partnership X, L.P. (“Fund X”), the latest discretionary fund managed by Equus. Madison Apartment Group, L.P. (“Madison”), the multi-family operating arm of Equus, will manage the community.</p> <p>Hill House is conveniently located adjacent to SEPTA’s Chestnut Hill West regional rail station and Germantown Avenue, in the heart of Chestnut Hill’s upscale retail and restaurant corridor. The iconic high-rise benefits from a diverse unit mix of studios, one, two, and three bedroom apartments, while offering an array of on-site amenities including underbuilding &#160;parking, fitness center, and outdoor pool. Boasting views of the Center City Philadelphia skyline and Fairmount Park, Hill House’s Chestnut Hill location provides convenient access to both center city Philadelphia and major suburban employment centers in Montgomery County.</p> <p>“This community appeals in equal measure to both younger residents and empty nesters who value convenience, walkable amenities, and a desirable and safe neighborhood,” commented Greg Curci, Vice President of Equus who oversaw the acquisition for the firm. “We look forward to delivering a living experience consistent with the heightened expectations of today’s renter.”</p> <p>Over the coming months, Equus will invest approximately $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. Prior to this transaction, the property was owned and managed by the family of the original developer.</p> <p>The seller was represented by Rittenhouse Realty Advisors.</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 over 24 million square feet of office, retail, and industrial properties and nearly 16,000 apartment units in over 60 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, Los Angeles, Chicago, 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 nearly 16,000 apartment units in over 60 communities located in 14 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>