Equus Capital Partners, Ltd., one of the nation’s leading private equity real estate fund managers, announced today that an affiliate has acquired The Lakes Apartments, a 235-unit garden-style multi-family community in the desirable West End neighborhood of Allentown, PA. The property was 95% occupied at the time of closing. The acquisition was made on behalf of Equus Investment Partnership X, L.P. (“Fund X”), a discretionary fund managed by Equus. Madison Apartment Group, L.P. (“Madison”), the multi-family operating arm of Equus, will manage the community.
The community benefits from its proximity to the major interchanges of the Pennsylvania Turnpike’s Northeast Extension, I-78, and the Lehigh Valley Thruway, providing access to the Philadelphia metro area, the entire Lehigh Valley, as well as northern and central New Jersey. The Lakes is well-situated in a premier location in the heart of Allentown’s West End neighborhood which boasts strong home values, a desirable school district, and nearby retail amenities such as Wegmans, Target, and Panera Bread. With an average square footage of 1,200 square feet per unit and a mix of one bedroom and two and three bedroom flat and townhome style units, The Lakes benefits from its unique array of generous sized floorplans in a low-density setting of less than 8 units per acre. Amenities include an outdoor swimming pool, tennis court, walking trail, and an abundance of attractively landscaped open space.
“This well-known community distinguishes itself with its spacious layouts and convenient location,” commented Greg Curci, Vice President of Equus who oversaw the acquisition for the firm. “We look forward to delivering a product and living experience consistent with the heightened expectations of today’s renter in the Lehigh Valley.”
Over the coming months, Equus will invest approximately $2.5 million to improve the common areas and amenities, as well as to complete the unit interior upgrades that were begun under the prior ownership.
About Equus Capital Partners, Ltd. Equus Capital Partners, Ltd. (“Equus”), is one of the nation’s leading private equity real estate fund managers. Equus’ portfolio consists of approximately 18 million square-feet of office, retail, and industrial properties and over 11,000 apartment units in 49 multi-family communities located throughout the United States. The firm is headquartered in the Philadelphia area, with a principal office in Yardley, PA, and with offices in Philadelphia, Chicago, Los Angeles, Washington D.C., Boston, Atlanta, and Raleigh-Durham. For additional information, please visit the company’s website at www.equuspartners.com.
About Madison Apartment Group, L.P.
Madison Apartment Group, L.P. (“Madison”) is the multi-family operating arm for Equus Capital Partners, Ltd. Madison manages Equus’ multi-family portfolio consisting of over 11,000 apartment units in 49 communities located in 10 states throughout the United States. For additional information, please visit the company’s website at www.madisonapartmentgroup.
