Equus Affiliate Acquires Metro Philly Asset For $73M
The buyer intends to carry out significant capital improvements at the property.
An Equus Capital Partners affiliate has acquired Jacobs Woods, a 230-unit luxury apartment community located in Lansdale, Pa., a suburb of Philadelphia. The property was acquired for $73.1 million on behalf of both Equus Investment Partnership XII, L.P., an Equus-sponsored value-add fund, as well as a cadre of strategic co-investors.
Following the purchase, Equus plans to conduct a $5.8 million in capital improvements at the property, focusing on updating unit interiors and enhancing of the community’s common-area amenities.
The seller and previous owner was DiLucia Management, which was represented by Philadelphia Newmark’s investment sales team, led Executive Managing Director Erin Miller.
The buyer encountered some hurdles in the acquisitions process. “The largest overall challenge throughout the acquisition process was navigating the volatility of the economic environment,” Alex Keszeli, a Senior Associate with Equus Capital Partners, told Multi-Housing News. “However, we believe Equus’ sponsorship quality within the market and prior experience with our lender on the transaction allowed us to execute during a period of low-transaction volume.”
Completed in 1996 at 100 Jacobs Hall Lane, Jacobs Woods offers 33 townhome-style structures across 37 acres, at a density of six residences per acre. The property features a blend of one-, two- and three-bedroom residences ranging in size from 964 to 1,733 square feet. The luxury apartment community was 98 percent occupied at time of sale.
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The homes feature fireplaces, vaulted ceilings with fans, in addition to private entries, balconies or patios. A clubhouse, business center with conference rooms, fitness center, swimming pool, spa and media room are among the community’s amenities.
Downtown corridor
Situated 28 miles north of Philadelphia in the North Penn Valley, Lansdale’s location provides residents with ready access to the City of Brotherly Love via the Doylestown line of the Southeastern Pennsylvania Transportation Authority Five different SEPTA commuter rail stations sit within a 10-minute drive of the community.
The downtown corridor of Lansdale features an increasing number of restaurants, markets and specialty shops. It is roughly two miles to the southeast of Jacobs Woods.
Philadelphia’s northern suburbs have an active multifamily market, too. Earlier this month, BWE secured $308 million to refinance two of its senior housing properties. One of these properties, The 501 at Mattison Estate, is located in Upper Dublin Township, about 15 miles to the north of downtown Philadelphia.
Last month, Keystone obtained $42 million in financing for an office-to-residential conversion of a 175,000-square-foot office building in Plymouth Meeting, Pa.
