Equus Capital Partners, Ltd. announced that an affiliate completed the acquisition of Ashford at Geneva, a 226-unit garden-style apartment community in Geneva, Illinois.
The property was acquired on behalf of a programmatic joint venture between an affiliate of Equus and a U.S.-based public pension plan.
The property is located in Geneva, Illinois, within Chicago’s western suburbs. The surrounding area provides the property with convenient access to employment centers, transportation, shopping, dining, and recreation; including, the Geneva Metra Station, Northwestern Medicine Delnor Hospital, Geneva Commons, Downtown Geneva, and the I-88 Research & Technology Corridor.
Ashford was approximately 97% occupied at the time of acquisition and is comprised of one- and two-bedroom apartment homes averaging 962 square feet. Community amenities include a clubhouse, fitness center, swimming pool, business center, outdoor gathering spaces, grilling areas, and a dog park. The property will undergo a capital improvement program focused on apartment interiors, common areas, and select exterior enhancements.
Madison Apartment Group, L.P., the multifamily operating affiliate of Equus, will oversee property management and execution of a planned capital improvement program.
