In the third quarter of 2017, Equus Capital Partners, Ltd. (Equus), one of the nation’s leading private equity fund managers, announced the successful completion of BPG Multi-Family Partnership, L.P. Launched in 2010, the Equus Multi-Family Fund acquired 33 apartment communities totaling 6,149 units in the Houston, Orlando, Chicago, and St. Louis MSAs, as well as multiple locations throughout Eastern Pennsylvania.
The September, 2017 sale of seven properties in Pennsylvania and one in Illinois marked the final asset sales for the Fund resulting in an aggregate sale price of $676 million for the entire Fund. “We’ve been strategically selling properties out of this Fund over the last 3 years in order to accelerate and maximize returns for our investors,” commented Greg Curci, Vice President of Equus, who was responsible for overseeing the dispositions of the fund. “Property level performance was universally strong throughout our hold period which helped facilitate an orderly and successful disposition process.”
The Fund’s properties were generally garden-style communities ranging in age from 1964 to 2005 and were all well-located in their respective submarkets. As is typical of all of Equus’ multi-family assets, the communities were managed by Madison Property Group, the multi-family operating arm and wholly owned subsidiary of Equus Capital Partners, Ltd.
The sales process began in the latter half of 2014, when Equus completed the sale of seven multi-family properties in Houston and one asset in Orlando, followed in 2016 with the sale of two assets in St. Louis. Eleven separate transactions completed in the first three quarters of 2017 resulted in the sale of the remaining twenty-three properties located in Eastern Pennsylvania and Chicago, Illinois.
“For the past twenty years and through various economic cycles, multi-family investments have consistently delivered attractive returns while providing diversification for our investors,” said Joseph F. Mullen, president of Madison Apartment Group.
Since 2001, Madison Apartment Group has acquired, operated, and sold a total of 28,028 apartment units across 103 properties nationwide with $610 million of equity invested and $1.2 billion of equity returned. Its seasoned investment team is comprised of acquisition and asset management professionals located in 7 regional offices throughout the United States. As a Real Estate Operator with a vertically integrated platform and over 100 employees specializing in leasing and property maintenance, Madison is a full-service multi-family operating company, which implements the latest technology for leasing and operations.
About Equus Capital Partners, Ltd.
Equus Capital Partners is one of the nation’s leading private equity real estate fund managers. Equus’ diversified portfolio consists of office, multi-family, industrial, and retail properties located throughout the United States. The firm is headquartered in the Philadelphia area with regional offices in Chicago, Los Angeles, Washington D.C., Boston, Atlanta, and Raleigh-Durham. For additional information, please visit the company’s website at www.equuspartners.com.