PHILADELPHIA, PA — Equus Capital Partners, Ltd. (Equus), one of the nation’s leading private equity fund managers, announced the sale of Madison River Place in Macon, GA. The 240-unit apartment community was sold to Mullberry Properties, LLC for $14.525 million. At the time of the sale the community was 95% occupied.
“We received twenty written offers for this well-maintained community that presented investors with a stable and attractive yield proposition,” said Greg Curci, VP of Equus who was responsible for overseeing the disposition for the firm.
The seller was represented by Robert Stickel of Multi Housing Advisors.
Built in 1988, the community is situated within the desirable North Macon Submarket where it benefits from convenient access to I-75. The garden-style apartment community offers a diverse mix of one and two bedroom apartments. Community amenities include a swimming pool, fitness center, tennis and beach volleyball courts, and playground.
An affiliate of Equus acquired Madison River Place in 2004 from a publicly traded REIT as part of a six-property portfolio. The transaction was made on behalf of BPG Investment Partnership VI, LP. n