Equus announces completion of Multi-Family Fund
Equus Capital Partners announced the completion of BPG Multi-Family Partnership.
Launched in 2010, the Equus Multi-Family Fund acquired 33 apartment communities totaling 6,149 units in the Houston, Orlando, Chicago, and St. Louis MSAs, as well as multiple locations throughout Eastern Pennsylvania.
In September the sale of seven properties in Pennsylvania and one in Illinois marked the final asset sales for the fund resulting in an aggregate sale price of $676 million for the entire Fund.
“We’ve been strategically selling properties out of this fund over the last three years in order to accelerate and maximize returns for our investors,” commented Greg Curci, vice president of Equus, who was responsible for overseeing the dispositions of the fund. “Property level performance was universally strong throughout our hold period which helped facilitate an orderly and successful disposition process.”
Equus Multi-Family Fund’s properties were generally garden-style communities ranging in age from 1964 to 2005 and were all well-located in their respective submarkets.
The sales process began in the latter half of 2014, when Equus completed the sale of seven multi-family properties in Houston and one asset in Orlando, followed in 2016 with the sale of two assets in St. Louis. Eleven separate transactions completed in the first three quarters of 2017 resulted in the sale of the remaining twenty-three properties located in Eastern Pennsylvania and Chicago, Illinois.