NORTH WALES, PA — Paradise Properties has acquired the Madison Hunt Club in Montgomery County, PA, from Equus Capital Partners for $65 million. The 320-unit apartment community is in North Wales, PA, 20 miles north of Philadelphia. At the time of the sale, the community was 96 percent occupied.
“Madison Hunt Club's convenient and irreplaceable infill location within immediate proximity to such desirable retail amenities as Whole Foods and Trader Joe's resulted in extraordinary investor interest in this community,” says Greg Curci, vice president of Equus, who was responsible for overseeing the disposition for the firm.
The seller was represented by Erin Miller of Jones Lang LaSalle.
Located less than a half mile from the entrance to the 309 Expressway, Madison Hunt Club has convenient access to the Pennsylvania Turnpike and downtown Philadelphia, as well as the major employment centers of Montgomery and Bucks County. The garden style apartment community offers a diverse mix of one, two, and three bedroom apartments in a low-density and attractive setting. All units offer private entrances, full-size washers and dryers, and patios or balconies. Community amenities include an outdoor swimming pool, tennis and basketball courts, fitness center, playground, and a nature trail.
An affiliate of Equus acquired Madison Hunt Club from AIMCO in 2008 as part of a three-property portfolio. The transaction was made on behalf of BPG Investment Partnership VIII, a $550 million private equity fund.
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Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
