Equus Announces the $220 Million Acquisition of a 6-Property, Multi-State Apartment Portfolio

Equus Capital Partners, Ltd. (“Equus”), one of the nation’s leading real estate investment managers, announced today that an affiliate completed the acquisition of Project Big Timber, a 6-property, garden-style multi-family portfolio totaling 1,249-units in the Atlanta, Philadelphia, Raleigh and St. Louis MSAs. The portfolio was purchased for $220,000,000 and was acquired on behalf of a programmatic joint venture between an affiliate of Equus 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. The portfolio benefits from a geographic diversity in highly desirable submarkets across the eastern U.S. and sunbelt regions.

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 acquisition of the Big Timber Portfolio enables the partnership to acquire a collection of high-quality assets with proximity to dynamic social and business infrastructure in their respective metropolitan areas.  The partnership continues to deploy capital into high conviction assets in growth regions across the country,” commented Kyle Turner, Partner and Director of Investments of Equus who oversaw the transaction for the firm along with Laura Brestelli, Andrew Holloway, Alex Keszeli and Alex Mazur. “The venture is complementary to our closed-end comingled fund business with its own distinct and targeted investment criteria,” added Turner.

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.