Equus Capital Partners has recently acquired three apartment complexes in North Carolina for a total of $66.65 million. According to reports from the Triangle Business Journal, these communities were previously owned by Equus before being sold to Investcorp, a New York-based firm, in 2019 for $46 million.
The company plans to invest an average of $3 million per property on renovations which will include both interior and exterior upgrades as well as improvements to amenities. The management of these properties will be overseen by Madison Apartment Group L.P.
Investcorp sold off the 180-unit Madison Hunters Glen for $26.85 million, the 122-unit Laurel Springs for $17.5 million and the 164-unit Laurel Oaks for $22.3 million.
In order to secure financing for this acquisition, Equus worked with Newmark’s Debt Capital Markets team led by Steve Comly and Kippy Donovan who helped secure a favorable fixed-rate loan from Fannie Mae lasting ten years.
