Equus Capital Partners has sold a nearly fully occupied community in the Philadelphia suburb of Lansdale, Penn. The company sold Madison Lansdale Station for an undisclosed price to Sentinel Real Estate Corp. The transaction was brokered by JLL’s Mark Thomson, Fran Coyne and Riley Raposa.
Equus Development, the development arm of Equus Capital, completed the community in May 2019. The community was then managed by Equus’ property management arm Madison Apartment Group and has since reached 98 percent occupancy at the time of the sale, according to Equus Capital.
Madison Lansdale Station offers 186 units in studio, one- and two-bedroom floorplans that average 903 square feet. The units were built with 9-foot ceilings, in-unit washer and dryers, and energy efficient features. The community’s amenities include a fitness center, clubhouse, business center, lounge, demonstration kitchen, billiard room, pet spa, package concierge system and outdoor living spaces.
Madison Lansdale Station also was built with 11,901 square feet of ground-floor retail space. Located at 325 Madison St., the community is a short walk away from the SEPTA Lansdale station, which connects it to downtown Philadelphia roughly 35 miles away.
Andrew Holloway, portfolio asset manager for Madison Apartment Group, said in prepared remarks that property saw a successful lease-up despite being in the early stage of the pandemic. Holloway added in his prepared remarks that Madison Lansdale Station has since seen resident retention above 60 percent and recent lease trade-outs in the double digits.
BUILDING OUT PHILADELPHIA AREA PORTFOLIO
While Equus successfully disposed of its community in Lansdale, Penn., the company is still building out several projects in other parts of the Philadelphia metro. Equus is currently working on a 252-unit community in Newtown Square and a 348-unit community in Conshohocken, Joseph Mullen, president of Madison Apartment Group, said in a previous interview.
Outside Philadelphia, the company has developments across the country with a range of uses including, office, industrial, retail and residential. Of the approximately six million square feet of developed or redeveloped projects, Equus Capital has built out 1,000 residential units.