Philadelphia-based Equus announces sale of a multi-family portfolio for $64.8m
PHILADELPHIA, PA — Equus Capital Partners, Ltd. (“Equus”), one of the nation’s leading private equity fund managers, announced the sale of a three-property, 1,040-unit multi-family portfolio in Jacksonville, FL. The portfolio was sold to Florida-based Blue Rock Partners for $64.8 million. At the time of the sale, the portfolio was over 95% occupied.
“This portfolio offered investors an opportunity to acquire a meaningful footprint in the city of Jacksonville,” said Greg Curci, vice president of Equus who was responsible for overseeing the disposition for the firm. “Jacksonville’s ongoing employment and rent growth resulted in strong investor interest and competitive pricing for these well-located assets.”
Located in the Mandarin, West, and Arlington submarkets of Jacksonville, the garden style communities were developed between 1971 and 1985. All three properties are well-situated in their respective submarkets and offer residents a diverse mix of unit types and resort style amenities in low-density and attractive settings.
The seller was represented by Brian Moulder and Dhaval Patel of CBRE.
The Jacksonville portfolio was part of an 11-property transaction that was concluded in 2008 by affiliates of BPG Investment Partnership VIII, LP. The 2008 transaction included 11 properties comprising over 3,000 units in Seattle, Portland, Salt Lake, Dallas, and Jacksonville.
Equus is currently investing through Equus Investment Partnership X, LP, the firm’s latest value add investment vehicle. Since its launch in July 2015, the Fund has made four acquisitions, which include a mix of multifamily and office assets totaling approximately $125 million.