Equus Sells 308-Unit Apartment Community Near Philadelphia for $64.5M
Madison Willowyck in Upper Gywnedd, Pa., features 308 apartment units in a mix of one-, two- and three-bedroom layouts.
UPPER GYWNEDD, PA. — Equus Capital Partners has completed the disposition of Madison Willowyck, an apartment community located in Upper Gywnedd, a suburb of Philadelphia. New Jersey-based Friedman Realty Group acquired the property for $62.5 million. At the time of sale, the community was 96 percent occupied. Erin Miller and Marybeth Farris of Jones Lang LaSalle represented the seller in the deal. Built in 1972 on 28 acres, the garden-style apartment community features 308 apartments in a mix of one-, two- and three-bedroom layouts with private entrances. On-site amenities include a resort-style pool, a 24-hour fitness center, a clubhouse with community room and balcony. An affiliate of Equus acquired Madison Willowyck in 2007 from UBS. The transaction was made on behalf of BPG Investment Partnership VIII, a $550 million private equity fund.