Equus Acquires Allentown Apartments
- Jul 25, 2016
Allentown, Pa.—Equus Capital Partners Ltd. has acquired The Lakes Apartments, a 235-unit multifamily property in the West End neighborhood of Allentown, Pa., for an unspecified price. The acquisition was made on behalf of Equus Investment Partnership X LP (Fund X), a discretionary fund managed by Equus.
With an average of 1,200 square feet per unit and a mix of one-, two- and three-bedroom flat and townhome-style units, The Lakes nevertheless provides a low-density setting of less than eight units per acre. Common amenities include an outdoor swimming pool, tennis court, walking trail, and landscaped open space.
Over the coming months, Equus will invest about $2.5 million to improve the common areas and amenities. The new owner will also complete unit interior upgrades that were begun under the prior ownership.
Madison Apartment Group LP, the multifamily operating arm of Equus, will manage the community going forward. The property was 95 percent occupied at the time of closing.
Post-industrial Allentown has seen something of a revival in recent years, and is now the fast-growing city in Pennsylvania. Currently the Census Bureau puts its population at about 120,200, up from 106,600 in 2000, and in fact more than it’s ever been (the city saw a considerable contraction in the 1970s).