22-Property Portfolio Commands $467M

By Keith Loria

Equus Capital Partners has sold six sub-portfolios of a 22-property, Pennsylvania-based multifamily portfolio for a combined $467 million.

HFF marketed the portfolio on behalf of the seller and helped find buyers for the value-add properties in several different deals, with the latest closing late last month. The HFF team also worked on behalf of several of the new owners to secure acquisition financing.

“We are very pleased that we were able to successfully market and close all 22 properties within a year of launching the first sub-portfolio,” Mark Thomson HFF’s senior managing director, said. “The properties offered diversity of size, ranging from 50 units to 400 units; vintage, ranging from the early 1960s through the mid-2000s; and locations throughout the eastern half of Pennsylvania, from Harrisburg through suburban Philadelphia and into the Lehigh Valley.”

Properties

The properties in the portfolio are in suburban Philadelphia, Lancaster, Harrisburg, Wyomissing, Lehigh Valley and northeastern Pennsylvania.

“Each of the 22 properties within the portfolio generated significant interest and attracted a variety of investors, from small private groups to large institutions,” Thomson said. “We conducted 113 tours, which resulted in 68 offers throughout the process.”

The last property in the portfolio to be sold was the 174-unit Madison Macungie Village apartment community in Macungie, Pa., to Macungie Village Apartment Associates of Yardley, for an undisclosed amount.

The HFF investment sales team also included directors Carl Fiebig and Francis Coyne, senior managing director Jose Cruz and executive managing director Matthew Lawton.

Equus Capital Partners’ portfolio currently consists of approximately 17 million square-feet of office, retail, and industrial properties and nearly 8,000 apartment units across 34 communities located throughout the U.S.