Philadelphia, PA — Equus Capital Partners, Ltd. (Equus) announced that an affiliate completed the acquisition of Project Big Timber, a six-property, garden-style multi-family portfolio totaling 1,249-units in the Atlanta, Philadelphia, Raleigh and St. Louis MSAs. The portfolio was purchased for $220 millions and was acquired on behalf of a programmatic joint venture between an affiliate of Equus and a US based public pension plan.
Madison Apartment Group LP, the multi-family operating arm of Equus, will oversee the upgrades in addition to managing the community.
“The acquisition of the Big Timber Portfolio enables the partnership to acquire a collection of high-quality assets with proximity to dynamic social and business infrastructure in their respective metropolitan areas. The partnership continues to deploy capital into high conviction assets in growth regions across the country,” said Kyle Turner, partner and director of investments of Equus who oversaw the transaction for the firm along with Laura Brestelli, Andrew Holloway, Alex Keszeli and Alex Mazur.
The transaction was directly sourced and negotiated. Newmark’s Debt Capital Markets team of Steve Comly and Kippy Donovan assisted Equus in securing a ten-year fixed rate loan from Fannie Mae.