Equus Capital Partners and USAA Top Off Philly Community

Madison West Elm. Rendering courtesy of JDAVIS Architects

Equus Capital Partners and USAA Real Estate have partnered for their first multifamily project together. The firms recently topped off the 348-unit Madison West Elm in Conshohocken, Penn., after breaking ground in October 2021.

The 14-story community will include studio, one- and two-bedroom units with an average floorplan of 1,000 square feet. Units will be built with 9-foot ceilings, balconies, in-unit washers and dryers and walk-in closets, while the community will offer a fitness center, a courtyard with outdoor kitchens, a pool, an entertainment lounge and a rooftop deck. As an “ultraluxury” community, the developers are also planning to include concierge services like package delivery, bike storage and pet grooming and dry-cleaning services.

Located on a 10-acre site at 400 West Elm St., Madison West Elm is a short walk away from the Conshohocken train station and has convenient access to major employment markets, including King of Prussia and Plymouth Meeting, via Interstates 76 and 476.

George Haines, senior vice president of acquisitions and development at Equus Capital Partners, said in prepared remarks that Conshohocken is seeing many recent corporate headquarters relocations, more opportunities to build communities and an expansion in the number of restaurant and retail offerings throughout the market.

Preleasing scheduled for summer 2023

Following the topping off ceremony that marks the completion of the community’s steel structure, developers will work on the façade, wall panel and windows that are scheduled for delivery and installation in late November. The next steps also include mechanical and electrical updates and interior framing for the building. According to Haines’ remarks, preleasing will begin in summer 2023.

Madison West Elm marks the third project that affiliates of Equus and USAA have worked together on. Previous projects include AmeriHealth’s new corporate headquarters in Newtown Square, Penn., as well as 300 and 400 Bar Harbor Road, two office projects in West Conshohocken, Penn.

“Between USAA and Equus, we have separately developed thousands of apartment units nationally,” Haines told Multi-Housing News. “After working closely together in the region on other projects, we knew Madison West Elm was an opportunity to join forces and create something special within the borough of Conshohocken.”

Equus recently sold its 186-unit Madison Lansdale Station in the Philadelphia suburb of Lansdale, Penn. The firm completed the community three years prior and sold it at near full occupancy.