Equus Capital Partners, Ltd. announced that an affiliate has completed the acquisition of Ashford at Geneva, a 226-unit garden-style apartment community located in Geneva, Illinois.
The property was acquired on behalf of a programmatic joint venture between an affiliate of Equus and a U.S.-based public pension plan. Ashford was approximately 97% occupied at the time of acquisition and comprises one- and two-bedroom apartment homes averaging 962 square feet. The property will undergo a capital improvement program focused on apartment interiors, common areas, and select exterior enhancements.
“Ashford at Geneva is a compelling addition to our multifamily portfolio and reflects our continued focus on acquiring well-located communities in high occupancy markets,” commented Eric Auslander, Vice President of Acquisitions. Madison Apartment Group, L.P., the multifamily operating affiliate of Equus, will oversee property management and execution of a planned capital improvement program.
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