Equus Capital Partners paid $66.65 million for three North Carolina apartment complexes.
The Triangle Business Journal reports the firm previously owned the communities before selling them in 2019 to Investcorp, a New York firm, for a total of $46 million.
The company will invest on average $3 million a piece on renovations. Upgrades include interior and exterior work along with enhancing the amenities. Madison Apartment Group L.P. will oversee the upgrades and manage the properties.
Investcorp sold the 180-unit Madison Hunters Glen for $26.85 million, the 122-unit Laurel Springs for $17.5 million and the 164-unit Laurel Oaks for $22.3 million.
Newmark’s Debt Capital Markets team of Steve Comly and Kippy Donovan assisted Equus in securing a 10-year fixed-rate loan from Fannie Mae.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.