Equus Capital Partners, Ltd. Acquires 230-Unit Luxury Multifamily Community in Lansdale, PA
Equus Capital Partners, Ltd. (“Equus”), a national real estate investment manager, announced today that an affiliate completed the acquisition of Jacobs Woods, a 230-unit, 98% occupied, garden-style rental community located in Lansdale, PA. The property was acquired for $73,125,000 on behalf of an Equus-sponsored value-add fund (Equus Investment Partnership XII, L.P.) and a consortium of co-investment partners.
Jacobs Woods is a 1996 vintage garden-style community comprised of a mix of one-, two-, and three-bedroom units. The units are incorporated within 33 townhome-style buildings that are arranged across 37 acres, resulting in a low density of just 6 units per acre.
“We believe the property is a great addition to the portfolio,” commented Alex Keszeli, Senior Associate, who oversaw the transaction for Equus along with Laura Brestelli, Senior Vice President, and Alex Mazur, Associate. “Every unit is direct-entry with a private attached garage and large floor plans that average nearly 1,400 SF. The community provides a unique living experience for residents that mirror features seen in the growing build-to-rent segment of the market. Through our planned $5.8 million capital improvement program, we’ll modernize unit interiors and elevate the overall amenity package. The goal is to further differentiate this property from the limited competitive set that currently exists in the Greater Philadelphia market. The property’s central location within Montgomery County appeals to renters due to its convenient access to major employers and retail offerings, along with the access to North Penn School District, which has been consistently ranked within the top 10% of the country.”
Madison Apartment Group L.P., the multi-family operating affiliate of Equus, will oversee the operations in managing the property along with executing planned capital upgrades.
The seller was represented by Erin Miller and her Philadelphia-based Newmark investment sales team.
About Equus Capital Partners, Ltd. Equus Capital Partners is a national real estate investment manager and developer with over 40 years of investment experience. Equus’ diversified portfolio consists of industrial, multi-family, and office properties located throughout the United States. The firm is headquartered in the Philadelphia area with regional offices in Marina Del Rey, Scottsdale, Washington D.C., Atlanta, Raleigh-Durham, and South Florida. For additional information please visit the company’s website at www.equuspartners.com.
For additional information on the company, please contact:
Joseph G. Nahas, Jr., Senior Vice President
(215) 575-2363 or jnahas@equuspartners.com
For additional information on the property, please contact:
Alex Keszeli, Senior Associate
(484) 427-2237 or akeszeli@equuspartners.com