Equus Capital Acquires Raleigh Multifamily Portfolio for $36M; State Denies Raleigh’s $38M Offer for Dorothea Dix Property
- Apr 16, 2014
by Adriana Pop, Associate Editor
Equus Capital Partners, a private equity firm based in Philadelphia, recently acquired three multi-family properties in Raleigh from a joint venture of Silver Companies and McCann Realty Partners.
According to the Triangle Business Journal, the investor paid a total of $36.3 million for the 180-unit Hunters Glen community, the 164-unit Laurel Oaks community and the 122-unit Laurel Springs community, or the equivalent of $77,900 per apartment, on average. The properties were 96 percent leased at the time of sale, the newspaper reports.
Equus now plans to invest an additional $4 million in the renovation of the Laurel Oaks community and the Laurel Springs community and change the name of the Hunters Glen property to Madison Hunters Glen.
Located in north Raleigh, the pet-friendly Laurel Oaks community offers easy access to RTP, RDU Airport or I-40, as well as 24-hour maintenance services, a swimming pool, and a car care center. Just a few miles away, Laurel Springs features similar amenities, along with picnic areas, barbeque grills and award-winning landscaping. The Hunters Glen property in central Raleigh also offers beautiful landscaping and architecture, as well as two tennis courts, a sand volleyball court, a dog park and a pool.
The Silver-McCann joint venture purchased the three multi-family assets in 2005 for a combined $27.5 million.
In regional news, the Triangle Business Journal reports that Gov. Pat McCrory’s administration has rejected Raleigh’s $38 million offer to purchase the 308-acre Dorothea Dix property near downtown. Local officials’ plan for the site is to turn it into a massive urban park.
The state also denied the request to handle the site’s approximately $23 million environmental cleanup and issued a counteroffer, proposing that the City purchase 244 acres of the former psychiatric hospital campus for $52 million (or about $213,953 per acre). The remaining 64 acres would house the administrative offices of the N.C. Department of Health and Human Services.
Photo credits: www.huntersglenapts.net