Equus Capital Partners Acquires 558-Unit M-F Portfolio in Suburban Minneapolis
- Mar 31, 2014
Private equity real estate fund manager Equus Capital Partners Ltd. recently announced that its affiliates have acquired a multifamily portfolio featuring two properties located in suburban Minneapolis. The communities were purchased from Henderson Global Investors and will be managed by the multifamily operating arm of Equus: Madison Apartment Group L.P.
Brant Glomb, vice president at Equus, noted in a press release that “the transaction provided us with the opportunity to acquire two well-located multifamily communities in Burnsville, a desirable suburb of Minneapolis.”
The larger of the two properties is Atrium Apartments, a 348-unit garden-style community that has been renamed Madison Atrium. It features a mix of one- and two-bedroom apartments in four buildings, each atop a heated underground parking garage. The community features numerous amenities, including a clubhouse, a spa, a fitness center, indoor and outdoor pools, tennis courts and an indoor recreation court.
Just four miles away sits the Trailway Pond Apartments, a 348-unit garden-style community that also includes a mix of one- and two-bedroom apartments. They are situated within three buildings, each atop a heated underground garage, and on-site amenities include a clubhouse, a pool, tennis courts and a pond surrounded by bike paths and nature trails. The property has been renamed Madison Trailway.
Both properties are located within the city of Burnsville and are roughly 17 miles away from the Minneapolis and St. Paul central business districts.
The portfolio acquisition was made on behalf of BPG Investment Partnership IX L.P., Equus’ $310 million private equity fund. Equus announced plans to invest more than $4.5 million over the coming months to improve both communities.
For more market data about Minneapolis, click here.
Photo courtesy of www.madisonapartmentgroup.com