Equus Sells $100M Communities in Virginia

By Evelina Croitoru

Equus Capital Partners completed the disposal of Madison England Run and Madison Falls Run in Fredericksburg, Va. The apartment portfolio totaling 676 units was acquired by Chandler Management for $100.5 million.

Upscale suburban assets

Located at 101 Knights Court, Madison England Run offers 476 units with one-, two- and three-bedroom floor plans averaging 1,013 square feet. Community amenities include a waterscape, a fitness center, a clubhouse, a tennis court, two swimming pools and 960 parking stalls. The residential property reached 92.4 percent occupancy, as of May 2017.  According to Yardi Matrix, the property last traded for $62.3 million when Equus purchased it from UDR, back in 2012.

Madison Falls Run is located at 2500 Green Tree Road and offers 200 one- and two-bedroom units. Additionally, the community features a fitness center, a clubhouse, a volleyball court, a swimming pool and 300 parking stalls. The property was at 96.5 percent occupancy as of May 2017, according to Yardi Matrix. Equus purchased the asset in 2012 for $12 million, in a portfolio transaction which also included Madison England Run. Immediately upon acquisition, Equus invested an additional $3 million in capital improvements to enhance the communities’ amenities.

The communities are located roughly one mile from each other along the Route 12 corridor in Stafford County and they are also close to an abundance of retail and dining amenities, being in the vicinity of Interstate 95 which provides direct access to Washington, D.C.

“Investor demand for well-maintained and professionally managed apartment communities remains robust. Increasingly, we see investors’ appetites turn towards suburban assets in locations exhibiting compelling population and job growth,” Greg Curci, vice president of Equus, said in prepared remarks.

ARA’s Executive Managing Directors Drew White and Mike Marshall represented the seller in the transaction.

Images courtesy of Yardi Matrix