Equus Capital Partners has sold its nearly-fully-occupied Madison Lansdale Station transit-oriented development for $61.1 million to Sentinel Real Estate Corp, according to reports.
Equus, of Yardley, used to oversee Madison Lansdale Station through its property management arm, Madison Apartment Group. As of June, the unit was 98 percent occupied, with a resident retention of 60 percent or more and high lease trade-outs, per Multihousing News.
Equus acquired the 6.7-acre parcel in 2017 for $1.9 million from the Lansdale Parking Authority, per The Reporter Newspaper. The development boasted 181 apartments across six buildings and nearly 15,000 square feet of retail space.
Lansdale Parking Authority no longer needed the former
Madison parking lot site for parking since SEPTA constructed a 680-space
parking garage nearby, per the report.
Construction of the project ended
in 2019, with the first rentals beginning soon thereafter.
Read more on Madison Lansdale Station here.
See also:
Exclusive: First Look Inside Lansdale Station Apartments
Roof Fire Damages Madison Station Apartments in Lansdale
Madison Station Apartments Still on Schedule Despite Roof Fire
Lansdale Station Apartments: A Community Within a Community
