Equus Capital buys Inspira apartments

          A fund affiliate of Philadelphia-based Equus Capital Partners Ltd. has acquired the 304-unit Inspira luxury apartments, in Naples, for $82.25 million.

         Equus Investment Partnership XI L.P. bought the three-year-old property from Naples-based Stock Development in one of the largest multifamily rental deals in Southwest Florida in the past year.

         Inspira was 95% occupied at the time of Equus purchase, and rents start at $1,571 monthly in the community. Going forward, Equus’ operating arm Madison Apartment Group will manage the complex, which is located in Lely Resort at the intersection of Rattlesnake Hammock Road and Grand Lely Drive.

         Inspira units average 1,059 square feet and host a range of modern features, including nine-foot, four-inch ceilings.

         The community, comprising five four-story buildings and an adjacent garage, also features amenities such as a 10,000-square-foot clubhouse with a demonstration kitchen and business center, resident lounge, fitness center with a yoga studio, a swimming pool, fire pits and a dog park.

         Nicoletta DeSimone, Equus’ acquisitions manager, says in a statement that the firm had been looking to expand into Southwest Florida.

         “Acquiring a recently completed lease-up allows for Equus to create value by managing through the financial burdens associated with delivering a new product to the market,” she says.

         Commercial real estate brokerage firm Cushman & Wakefield’s Robert Given, Brad Capas and Neal Victor negotiated on behalf of Stock.

         Last year, Equus teamed up with Investcorp to buy 11 apartment projects, including in Tampa, for $370 million. In 2018, the company acquired the Madison Gateway complex with 314 units in the Carillon Park section of St. Petersburg for $64.1 million.

         In all, since its formation in 1980 Equus has acquired more than 43,000 multifamily rental units, according to its website.