Equus Capital Sells Philadelphia Area Community
Equus Capital Partners sold an almost fully occupied community in the Philadelphia suburb of Lansdale, Penn. The company sold Madison Lansdale Station for an undisclosed price to Sentinel Real Estate Corp. The transaction was brokered by JLLby Mark Thomson, Fran Coyne and Riley Raposa.
Equus Development, the development arm of Equus Capital, completed the community in May 2019. The community was subsequently managed by the property management arm of Equus. Madison Apartment Group and has since reached 98% occupancy at the time of sale, according to Equus Capital.
Madison Lansdale Station offers 186 units in bachelor, one-, and two-bedroom floor plans averaging 903 square feet. The units were built with 9 foot ceilings, built-in washers and dryers, and energy efficient features. Community amenities include a fitness center, clubhouse, business center, lounge, show kitchen, billiards room, pet spa, concierge system and breakout areas. outdoor life.
Madison Lansdale Station was also built with 11,901 square feet of retail space on the ground floor. Located at 325 Madison St., the community is steps from the SEPTA Lansdale station, which connects it to downtown Philadelphia approximately 35 miles away.
Andrew Holloway, portfolio asset manager for Madison Apartment Group, said in prepared remarks the property was successfully let despite being at the start of the pandemic. Holloway added in his prepared remarks that Madison Lansdale Station has since seen resident retention above 60% and recent double-digit lease swaps.
BUILDING THE PHILADELPHIA AREA PORTFOLIO
While Equus has successfully rid itself of its community in Lansdale, Pennsylvania, the company continues to build several projects in other parts of the Philadelphia metro. Equus is currently working on a 252-unit community in Newtown Square and a 348-unit community in Conshohocken, said Joseph Mullen, president of Madison Apartment Group, in a previous interview.
Outside of Philadelphia, the company has developments across the country with a range of uses including office, industrial, retail and residential. Of the approximately six million square feet of projects developed or redeveloped, Equus Capital has built 1,000 residential units.