Thursday, September 17, 2015

Hill House Apts Sold for $42M

M.E.L Realty Company sold the Hill House Apartments at 201 W. Evergreen Ave. in Philadelphia, PA for $42 million, or about $223,000 per unit, to a subsidiary of Equus Capital Partners, Ltd.

The 211,765-square-foot, highrise complex consists of 188 units, and boasted an occupancy rate of 95 percent at the time of sale. Residents in a mix of studios, one-, two-, and three-bedroom apartments enjoy a host of amenities including underground parking, outdoor pool, and a fitness center.

The sale marks Equus Investment Partnership X LP's first multifamily acquisition. Equus has retained Madison Apartment Group to manage the asset.

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