An apartment complex in the Chestnut Hill neighborhood of
Philadelphia has sold for $42 million.
Equus Capital Partners Ltd., a Philadelphia-based real
estate fund manager, bought Hill House at 201 W. Evergreen Ave.
Hill House has views of Center City and Fairmount Park.
The 11-story complex was 95 percent leased at the time of
sale. It was constructed in 1966 and sits on 1.5 acres.
The seller was undisclosed and represented by Rittenhouse
Realty Advisors.
The acquisition is the first multi-family investment for
Equus Investment Partnership X L.P., and Madison Apartment Group, which is part
of Equus, will manage the community.
The new owner plans to invest about $5 million in
renovations to the common areas, amenities and units.
The acquisition is the first multi-family investment for
Equus Investment Partnership X L.P., and Madison Apartment Group, which is part
of Equus, will manage the community.
Source: Philadelphia
Business Journal
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