Equus Capital Partners, Ltd. announced on Thursday that one of its affiliates has successfully acquired Project Big Timber, a portfolio consisting of six garden-style multifamily properties totaling 1,249 units in major metropolitan areas such as Atlanta, Philadelphia, Raleigh and St. Louis. The acquisition was made for $220 million through a programmatic joint venture between the Equus affiliate and a U.S-based public pension plan.
With an average vintage of 1984 and an average unit size of 989 square feet, the portfolio was already at an impressive occupancy rate of 94% at the time it was purchased. In order to further enhance these properties’ appeal to potential tenants, Equus plans to invest over $17 million in upgrades including interior and exterior renovations as well as improvements to common area amenities.
According to Kyle Turner – partner and director of investments for Newtown Square-based Equus who led this transaction alongside Laura Brestelli , Andrew Holloway , Alex Keszeli ,and Alex Mazur – “The acquisitionoftheBigTimberPortfolioallowsourpartnershiptopurchaseacollectionofhigh-qualityassetswithproximitytodynamicsocialandbusinessinfrastructureintheirrespective metropolitanareas.” He also added that their partnership remains committedtoinvestingincapitalintohighconvictionassetsingrowthregionsacrossthecountry.
This deal was directly negotiated with no mention given about who sold it off.The Debt Capital Markets team from Newmark consisting Steve ComlyandKippyDonovanhelpedEquussourcea10-yearfixedrateloanfromFannieMaeforthistransaction.
