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Equus Pays $220M for Six-Property MF Portfolio

Equus Capital Partners, Ltd. said Thursday that an affiliate completed the acquisition of Project Big Timber, a six-property, garden-style multifamily portfolio totaling 1,249 units in the Atlanta, Philadelphia, Raleigh and St. Louis MSAs. The portfolio was purchased for $220,000,000 and was acquired on behalf of a programmatic joint venture between the Equus affiliate and a U.S-based public pension plan.

The portfolio has an average vintage of 1984 and an average unit size of 989 square feet and was 94% leased at the time of acquisition. Equus plans to invest more than $17 million, including interior and exterior upgrades along with enhancement of the common area amenities.

“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,” said Kyle Turner, partner and director of investments of Newtown Square, PA-based Equus, who oversaw the transaction for the firm along with Laura Brestelli, Andrew Holloway, Alex Keszeli and Alex Mazur. “The partnership continues to deploy capital into high conviction assets in growth regions across the country.”

The transaction was directly sourced and negotiated; the seller was not disclosed. 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.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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