{"id":1004094871,"date":"2014-04-16T15:29:23","date_gmt":"2014-04-16T23:29:23","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=255440"},"modified":"2021-05-14T18:35:23","modified_gmt":"2021-05-15T02:35:23","slug":"equus-capital-acquires-raleigh-multi-family-portfolio-for-36m-state-denies-raleighs-38m-offer-for-dorothea-dix-property","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/equus-capital-acquires-raleigh-multi-family-portfolio-for-36m-state-denies-raleighs-38m-offer-for-dorothea-dix-property\/","title":{"rendered":"Equus Capital Acquires Raleigh Multi-Family Portfolio for $36M; State Denies Raleigh\u2019s $38M Offer for Dorothea Dix Property"},"content":{"rendered":"

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\"\"<\/a>by Adriana Pop, Associate Editor <\/span><\/em><\/p>\n

Equus Capital Partners, a private equity firm based in Philadelphia, recently acquired three multi-family properties in Raleigh from a joint venture of Silver Companies and McCann Realty Partners. <\/span><\/p>\n

According to the Triangle Business Journal<\/a><\/em>, the investor paid a total of $36.3 million for the 180-unit Hunters Glen community, the 164-unit Laurel Oaks community and the 122-unit Laurel Springs community, or the equivalent of $77,900 per apartment, on average. The properties were 96 percent leased at the time of sale, the newspaper reports. <\/span><\/p>\n

Equus now plans to invest an additional $4 million in the renovation of the Laurel Oaks community and the Laurel Springs community and change the name of the Hunters Glen property to Madison Hunters Glen.
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Located in north Raleigh, the pet-friendly Laurel Oaks community offers easy access to RTP, RDU Airport or I-40, as well as 24-hour maintenance services, a swimming pool, and a car care center. <\/span>Just a few miles away, Laurel Springs features similar amenities, along with picnic areas, barbeque grills and award-winning landscaping. <\/span>The Hunters Glen property in central Raleigh also offers beautiful landscaping and architecture, as well as two tennis courts, a sand volleyball court, a dog park and a pool. <\/span><\/p>\n

The Silver-McCann joint venture purchased the three multi-family assets in 2005 for a combined $27.5 million.<\/p>\n

In regional news, the Triangle Business Journal<\/em><\/a> reports that Gov. Pat McCrory’s administration has rejected Raleigh\u2019s $38 million offer to purchase the 308-acre Dorothea Dix property near downtown. <\/span>Local officials\u2019 plan for the site is to turn it into a massive urban park.<\/span><\/p>\n

The state also denied the request to handle the site\u2019s approximately $23 million environmental cleanup and issued a counteroffer, proposing that the City purchase 244 acres of the former psychiatric hospital campus for $52 million (or about $213,953 per acre). The remaining 64 acres would house the administrative offices of the N.C. Department of Health and Human Services. <\/span><\/p>\n

Photo credits: www.huntersglenapts.net<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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