ST. LOUIS—Affiliates of Equus Capital Partners,Ltd. have just acquired Bell Prairie Point, a 376-unitmultifamily community located in suburban O'Fallon, from affiliatesof Bell Partners Inc. Tenants occupied about 95%of the development at the time of closing. The price was notdisclosed. Madison Apartment Group, L.P., themultifamily operating arm of Equus, will manage the property.
“The transaction provided us with the opportunity to acquire awell-located multifamily community in the desirable St. Louissuburban community of O'Fallon,” says StevePogarsky, the vice president of Equus who oversaw theacquisition. “We continue to seek well located portfolio and singleasset acquisition opportunities in primary and secondary marketsnationwide in an effort to add to our national footprint.”
The garden-style community includes a mixture of one, two andthree bedroom apartments. Onsite amenities include a clubhouse,fitness center, pool, playground, dog park and tennis court. Overthe coming months, Equus plans to invest more than $3 million toupdate the community. The firm will rebrand the community; makesubstantial improvements to the amenities and apartment interiorupgrades. In addition, Equus has renamed the community MadisonPrairie Point.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
