PHILADELPHIA—Equus Capital Partners has acquired Hill House Apartments, a 188 unit high-rise multi-family community in the Chestnut Hill neighborhood of Philadelphia, for $42 million.  

The property was 95 percent occupied at the time of closing. It's the first multi-family investment for Equus Investment Partnership X, the latest discretionary fund managed by Equus. Madison Apartment Group, the multi-family operating arm of Equus, will manage the community.

Hill House is conveniently located adjacent to SEPTA's Chestnut Hill West regional rail station and Germantown Avenue, in the heart of Chestnut Hill's upscale retail and restaurant corridor. The iconic high-rise benefits from a diverse unit mix of studios, one, two, and three bedroom apartments, while offering an array of on-site amenities including underbuilding  parking, fitness center, and outdoor pool. Boasting views of the Center City Philadelphia skyline and Fairmount Park, Hill House's Chestnut Hill location provides convenient access to both center city Philadelphia and major suburban employment centers in Montgomery County.

“This community appeals in equal measure to both younger residents and empty nesters who value convenience, walkable amenities, and a desirable and safe neighborhood,” says Greg Curci, vice president of Equus, who oversaw the acquisition for the firm. “We look forward to delivering a living experience consistent with the heightened expectations of today's renter.”

Over the coming months, Equus will invest approximately $5 million to improve the common areas and amenities, as well as to complete the unit interior upgrades that were begun under the prior ownership. Before the sale, the property was owned and managed by the family of the original developer, who was represented by Rittenhouse Realty Advisors. Equus declined to identify the seller.