Friday, October 16, 2015

Paradise Properties Acquires Montgomery County, PA Multifamily

by Steve Lubetkin,
Paradise Properties has acquired the Madison Hunt Club in Montgomery County, PA, from Equus Capital Partners for $65 million. The 320-unit apartment community is in North Wales, PA, 20 miles north of Philadelphia. At the time of the sale, the community was 96 percent occupied.

“Madison Hunt Club’s convenient and irreplaceable infill location within immediate proximity to such desirable retail amenities as Whole Foods and Trader Joe’s resulted in extraordinary investor interest in this community,” says Greg Curci, vice president of Equus, who was responsible for overseeing the disposition for the firm.

Located less than a half mile from the entrance to the 309 Expressway, Madison Hunt Club has convenient access to the Pennsylvania Turnpike and downtown Philadelphia, as well as the major employment centers of Montgomery and Bucks County. The garden style apartment community offers a diverse mix of one, two, and three bedroom apartments in a low-density and attractive setting. All units offer private entrances, full-size washers and dryers, and patios or balconies.  Community amenities include an outdoor swimming pool, tennis and basketball courts, fitness center, playground, and a nature trail.

An affiliate of Equus acquired Madison Hunt Club from AIMCO in 2008 as part of a three-property portfolio.  The transaction was made on behalf of BPG Investment Partnership VIII, a $550 million private equity fund.

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