Equus Capital Snaps Up $64M FL Apartments

The Reserve at Gateway, a 314-unit garden-style community in St. Petersburg, is 93 percent occupied.

GreyStar-The-Reserve-at-Gateway-1933-WebEquus Capital Partners Ltd., a private equity real estate fund manager, has acquired (though an affiliate) The Reserve at Gateway, a 314-unit garden-style multifamily community in St. Petersburg, Fla., for $64.1 million. The property, in the Gateway submarket of the Gulf Coast city, is 93 percent occupied.

The acquisition was made on behalf of Equus Investment Partnership X LP (Fund X), a $361 million discretionary equity fund managed by Equus. Madison Apartment Group LP, the multifamily operating arm of Equus, will manage the community.

The new owner is renaming the property Madison Gateway. The community includes a mixture of recently renovated studios and one-, two- and three-bedroom apartments, with about 27 percent of the units townhome-style and 35 percent of them featuring attached garages with direct unit entry. Common amenities include a community clubhouse, fitness center, business center, resident café, package concierge service, swimming pool, tennis courts and a dog park.

Planned Renovations

Over the coming months, Equus will invest $2.4 million to improve the community. The changes will include a rebranding program, improvements to the exteriors and further enhancements of the apartment interiors.

Madison Gateway is within the Carillion Office Park. At about 3 million square feet of office space, the park is home to several corporate headquarters, including Raymond James and Home Shopping Network.

“The transaction provided us with an opportunity to acquire a multifamily community in the Gateway market, allowing us to further broaden our central Florida portfolio,” said Steve Pogarsky, vice president of Equus, who oversaw the acquisition. “We continue to seek opportunities to expand our national multifamily portfolio with strategically located assets in primary and secondary markets nationwide.”