An apartment community in Glen Mills, Pennsylvania

Equus Capital Partners Acquires Six-Property, Multi-State Portfolio for $220 Million

by Channing Hamilton

PHILADELPHIA, ATLANTA, RALEIGH AND ST. LOUIS — Equus Capital Partners (Equus) has acquired Project Big Timber, a portfolio that totals 1,249 units across six garden-style communities in the Atlanta, Philadelphia, Raleigh and St. Louis metropolitan areas. Equus purchased the portfolio for $220 million. Newmark’s Debt Capital Markets team of Steve Comly and Kippy Donovan assisted Equus in securing a ten-year fixed rate loan from Fannie Mae for the acquisition.

The communities included in Project Big Timber have an average vintage of 1984 and an average unit size of 989 square-feet. Equus plans to invest over $17 million into the portfolio, including interior and exterior upgrades along with enhancement of the common area amenities. Madison Apartment Group, a subsidiary of Equus, will oversee the renovations and manage the properties.

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