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

Join the Discussion

News & Observer is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

Terms of Service