Equus Divests 500-Unit Atlanta Community

Madison Druid Hills previously traded in 2017. Image courtesy of Equus Capital Partners

Equus Capital Partners has sold Madison Druid Hills, a 500-unit community in Atlanta, on behalf of Equus Investment Partnership X LP, one of the funds under its management. Newmark Vice Chairman David Gutting arranged the transaction.

Equus had bought the property in 2017 from Covenant Capital Group for $76 million or $152,000 per unit. The same year, the property had become subject to a $53 million CMBS loan from Citibank, with a 3.93 percent fixed interest rate, according to Yardi Matrix data.

The garden-style multifamily community encompasses 25 buildings that came online in 1987. Floorplans include one-, two- and three-bedroom options ranging from 592 to 1,456 square feet. Common-area amenities include a fitness center, two tennis and pickleball courts, a business center, a clubhouse, a swimming pool and two laundry facilities. Equus implemented a capex program to renovate the community, including new roofs, clubhouse improvements and green upgrades.

Located at 2696 N. Druid Hills Road, Madison Road Hills is close to various retail destinations, such as Toco Hills Shopping Center, Phipps Plaza and Lenox Square. Elwyn John Wildfire Sanctuary natural park is 1 mile southwest and Emory University is 1.5 miles away. Children’s Healthcare of Atlanta and Emory Healthcare’s Executive Park expansion are within a 2-mile radius.

Equus’ portfolio comprises office, multifamily and industrial properties located across the U.S. Earlier this year, the firm purchased a 150-unit garden-style community in Puyallup, Wash. in partnership with a public pension plan.