High-Rise Multifamily Asset in Philly Changes Hands
- Sep 11, 2015
A new owner has emerged for Hill House Apartments in Philadelphia.
Equus Capital Partners has announced that its latest discretionary fund, Equus Investment Partnership X L.P., recently paid $42 million for the acquisition of Hill House Apartments, a 188-unit multifamily community located in the Chestnut Hill neighborhood of Philadelphia. The transaction marks the first multifamily investment for Equus Capital’s new affiliate. Conveniently located next to SEPTA’s Chestnut Hill West regional rail station and Germantown Avenue, the iconic Hill House high-rise was 95 percent occupied at the time of closing. The 11-story property offers a mix of studio, one-, two-, and three-bedroom apartments, along with an array of amenities including underground parking, a fitness center, and outdoor pool. Residents have easy access to Chestnut Hill’s upscale retail and restaurant corridor, center city Philadelphia and major suburban employment centers in Montgomery County. Equus now plans to invest approximately $5 million into the renovation of the property’s common areas and amenities, as well as to complete the unit interior upgrades that were initiated under prior ownership. Madison Apartment Group L.P., the multifamily operating arm of Equus, will manage the community. Prior to the sale, the property had been owned and managed by the family of the original developer, which remained undisclosed, and was represented in the transaction by Rittenhouse Realty Advisors. “This community appeals in equal measure to both younger residents and empty nesters who value convenience, walkable amenities, and a desirable and safe neighborhood,” Greg Curci, vice president of Equus, who oversaw the acquisition for the firm, said in prepared remarks. “We look forward to delivering a living experience consistent with the heightened expectations of today’s renter.” Equus Capital Partners Ltd. is one of the nation’s leading private equity real estate fund managers. Equus’ portfolio consists of more than 24 million square feet of office, retail, and industrial properties and nearly 16,000 apartment units in over 60 multifamily communities located throughout the United States. The firm is headquartered in the Philadelphia area, with a principal office in Yardley, Pa., and with offices in Philadelphia, Los Angeles, Chicago, Washington D.C., Boston, Atlanta, and Raleigh-Durham.