Madison Apartment Group L.P., the multi-family operating affiliate of Equus, will oversee the operations in managing the property along with executing certain planned strategic capital upgrades
Equus Capital Partners, Ltd., a national real estate investment manager, announced that an affiliate completed the acquisition of Jacobs Woods, a 230-unit, 98% occupied, garden-style rental community located in Towamencin Township.
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 strategic co-investment partners.
The seller was represented by Erin Miller and her Philadelphia based Newmark investment sales team.
Jacobs Woods is a 1996 vintage garden-style community comprised of a mix of one-, two-, and three-bedroom units. The property consists of 33 townhome-style buildings spread across 37 acres resulting in a very low density of just 6 units per acre.
“We believe the property is a great addition to the portfolio. Every unit is direct-entry with a private attached garage and large floor plans which average nearly 1,400 SF, providing 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 will modernize unit interiors and elevate the overall amenity package to further differentiate this property from the limited competitive set in the Greater Philadelphia market,” said Alex Keszeli, senior associate, who oversaw the transaction for Equus along with Laura Brestelli, senior vice president and Alex Mazur, associate.
“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, consistently ranked within the top 10% of the country,” Keszeli said.
Madison Apartment Group L.P., the multi-family operating affiliate of Equus, will oversee the operations in managing the property along with executing certain planned strategic capital upgrades.
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.
