July 26, 2017
Early Bird Alert: Connect Apartments is planned for September 28th in Los Angeles. Here’s where to get more information and register.
Philadelphia-based Equus Capital Partners, Ltd. divested the Equus Portfolio, a two-property, 676-unit Class B multifamily portfolio located in the Washington, DC metro area for $100.5 million. Newport News, VA-based Chandler Management, a value-add buyer in Virginia and Florida, acquired the assets in an all-cash transaction.
The Fredericksburg, VA properties, Madison Falls Run (200 units, built in 1989), and Madison England Run (476 units, built in three phases in 1991, 1999 and 2001, pictured above), were 95% occupied at the time of sale. Both properties are garden-style apartment communities, centrally located between Washington, DC to the north, and Richmond, VA, to the south.
Ara Newmark’s Drew White, Mike Marshall and Jim Pope represented the seller.
“The work done by Equus to increase value at the properties, coupled with the health of the Fredericksburg market, made this an attractive purchase for Chandler Management,” said White.
For comments, questions or concerns, please contact Dennis Kaiser