by Kevin Dicciani
After being listed on the market for sale this past June, Hill House Apartments, 201 W. Evergreen Ave., has sold for $42 million.
The Philadelphia Business Journal reports that Equus Capital Partners Ltd., a Philadelphia-based real estate fund manager, purchased the 11-story, 188-unit apartment complex, which sits on 1.46 acres and was built in 1966. Rittenhouse Realty Advisors facilitated the sale and represented the undisclosed seller.
The Hill House acquisition is the first multi-family investment for Equus Investment Partnership X, L.P., a discretionary fund managed by Equus. The multi-family operating arm of Equus, Madison Apartment Group, L.P., will manage the complex. Before the transaction, the property was owned and managed by the original developer’s family.
According to equuspartners.com, Equus plans to invest approximately $5 million in the complex to improve common areas and amenities in addition to completing the interior unit upgrades that began under the previous owner. At the time of sale the complex was 95 percent occupied.
In the company’s press release, Greg Curci, vice president of Equus who oversaw the acquisition for the firm, said: “This community appeals in equal measure to both younger residents and empty nesters who value convenience, walkable amenities, and a desirable and safe neighborhood. We look forward to delivering a living experience consistent with the heightened expectations of today’s renter.”