Equus announces $220m acquisition of a six-property, multi-state apartment portfolio

Equus Capital Partners announced that an affiliate has completed the acquisition of Project Big Timber, a six-property, garden-style multifamily portfolio totaling 1,249 units in Atlanta; Philadelphia; Raleigh, N.C.; and St. Louis. The portfolio was purchased for $220 million and was acquired on behalf of a programmatic joint venture between an affiliate of Equus and a U.S-based public pension plan.

The portfolio has an average vintage of 1984, an average unit size of 989 square feet and was 94 percent leased at the time of acquisition. The portfolio benefits from a geographic diversity in highly desirable submarkets across the East and Sun Belt regions of the United States.

Equus plans to invest more than $17 million, including interior and exterior upgrades along with enhancement of the common area amenities. Madison Apartment Group, the multifamily operating arm of Equus, will oversee the upgrades in addition to managing the community.

The transaction was dir