Equus Capital Partners is moving quickly on an opportunity to capitalize on the transit-oriented development trend in suburban real estate.
The company announced Wednesday that it has closed the $1.9M purchase of a 6.7-acre parking lot adjacent to the SEPTA station in the Montgomery County section of Lansdale. The lot recently became redundant when SEPTA built its own 680-space garage to service the station, so Equus snapped up the property from the Lansdale Parking Authority.
On the site, Equus will immediately start construction on a seven-building, 181-unit apartment complex with 15.5K SF of ground-floor retail. The one- and two-bedroom apartments will be divided between one five-story building with an elevator and six three-story, garden-style buildings.
Equus subsidiary Madison Apartment Group will manage the property, to be called Madison Lansdale Station. Tenant amenities will include an outdoor pool, indoor and outdoor lounges, an indoor dog-washing facility, a package delivery room and a fitness center.
Madison Lansdale Station reflects Equus' push to develop suburban multifamily in locations that rely less on cars, and will join Keystone Property Group's SORA West office-and-hotel project as major developments in progress along SEPTA regional rail lines. Equus is also moving its own headquarters from Center City to the suburbs, building a space for itself within its Ellis Preserve development in Newtown Square.
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