A Philadelphia private equity real estate fund has acquired a portfolio of three Raleigh apartment communities.
The acquisition by Equus Capital Partners included the 180-unit Hunters Glen apartments, the 164-unit Laurel Oaks community, and the 122-unit Laurel Springs complex. The purchase price wasn’t disclosed.
The properties’ 466 units were 96 percent occupied at the time of the sale, according to Equus.
Equus plans to invest $4 million in improving the communities, with the most extensive renovations occurring at Laurel Oaks and Laurel Springs, where dog parks are to be added and the apartment interiors upgraded.
The acquisition was made on the part of Equus’ $310 million BPG Investment Partnership IX fund.
Staff writer David Bracken