Equus Affiliates Pick Up Three Central Florida Communities
- Aug 12, 2014
Village at East Lake, Village at Lake Ned and Village at Park Road in Central Florida recently changed hands. The 710 units in total were sold to companies associated with Equus Capital Partners, Ltd. by affiliates of Oculus Development LLC and Alex. Brown Realty Inc.
Equus says it will invest around $4 million to improve the portfolio, according to a statement in the real estate fund manager’s recent announcement. Apart from rebranding the communities, the company’s purpose is to upgrade the interiors by adding new appliances, countertops, cabinets, flooring, lighting and fixtures; improve the existing common amenities and complete the array with dog parks at each property.
The buyer’s multifamily operating arm, Madison Apartment Group L.P. will manage the communities along with more than 70 other Equus properties totaling over 17,00 units. The rebranding process starts with changing the names of the properties and Village at East Lake becomes Madison Clermont, Village at Lake Ned is to go by the name of Madison Lake Ned whilst Village at Park Road will be called Madison Park Road under the new management. The garden style apartment communities all include a mixture of one, two and three bedroom homes plus a number of onsite amenities such as fitness centers, playgrounds, pools and sports courts.
The acquisition was made on behalf of BPG Investment Partnership IX, L.P. (Fund IX), Equus’ $310 million private equity fund and 95 percent of the total units were occupied at the time of closing.
Photo credits: Village at East Lake