Skip to main content
  1. News
  2. Business & Finance
  3. Industry

Equus jumps into Twin Cities multifamily housing market

See also

The owners of the Metropoint office complex in St. Louis Park jumped into the Twin Cities' multifamily market Wednesday with the purchase of two Burnsville apartment complexes.

Philadelphia-based Equus Capital Partners Ltd. bought the 588-unit portfolio of the Atrium and Trailway Pond Apartments from Henderson Global Investors’ CASA Partners III LP for an undisclosed sum -- the first apartment portfolio purchase in the Twin Cities in the past seven years.

Equus already owns and operates the 920,000-square-foot Metropoint as well as the 540,000-square-foot Grand Oak office park in Eagan. Now the firm says it will spend $4.5 million to renovate apartments and common areas at both Atrium and Trailway Pond.

“The transaction provided us with the opportunity to acquire two well-located multifamily communities in Burnsville, a desirable suburb of Minneapolis,” Brant Glomb, vice president of Equus, said in a statement issued Wednesday along with the Minneapolis office of CBRE, which represented London-based Henderson in the transaction.

CBRE’s Minneapolis Debt & Structured Finance team of Joel Torborg, Murray Kornberg, and Scott Larson assisted with the debt placement transaction. The financing was made through a national bank and equated to a 75 percent loan-to-value on a non-recourse basis.

Henderson said it remains committed booming Minnesota multifamily market.

“While Henderson’s funds continue to maintain a significant multifamily ownership presence in the Twin Cities, the sale of these two assets provided an opportunity to successfully return capital to our investors after an approximate nine-year holding period,” said Brian Eby, Henderson’s director of transactions and financing.