Thursday, July 21, 2016

Equus Acquires 235-Unit Lehigh Valley Multifamily Community

by Steve Lubetkin,
An Equus Capital Partners affiliate, Equus Investment Partnership X, has acquired The Lakes Apartments, a 235-unit garden-style multifamily community in the desirable West End neighborhood of Allentown, PA. The price was not disclosed.

The property was 95% occupied at the time of closing. Madison Apartment Group, the multi-family operating arm of Equus, will manage the community.

“This well-known community distinguishes itself with its spacious layouts and convenient location,” says Greg Curci, vice president of Equus who oversaw the acquisition for the firm. “We look forward to delivering a product and living experience consistent with the heightened expectations of today’s renter in the Lehigh Valley.”

The community benefits from its proximity to the major interchanges of the Pennsylvania Turnpike’s Northeast Extension, I-78, and the Lehigh Valley Thruway, providing access to the Philadelphia metro area, the entire Lehigh Valley, as well as northern and central New Jersey.

The Lakes is well-situated in a premier location in the heart of Allentown’s West End neighborhood which boasts strong home values, a desirable school district, and nearby retail amenities such as Wegmans, Target, and Panera Bread. With an average square footage of 1,200 square feet per unit and a mix of one bedroom and two and three bedroom flat and townhome style units, The Lakes benefits from its unique array of generous sized floorplans in a low-density setting of less than eight units per acre. Amenities include an outdoor swimming pool, tennis court, walking trail, and an abundance of attractively landscaped open space.

Over the coming months, Equus will invest approximately $2.5 million to improve the common areas and amenities, as well as to complete the unit interior upgrades that were begun under the prior ownership.

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