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.
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The acquisition was made on the part of Equus’ $310 million BPG Investment Partnership IX fund.
Staff writer David Bracken