Philadelphia-based Equus Capital Partners has acquired a 60,000-square-foot office building in Fort Washington for nearly $6 million. It plans to demolish the structure and convert the 14-acre property into a luxury apartment complex with 300 units.
The commercial real estate investment firm bought the property at 1125 Virginia Dr. on May 4 from ADP Inc., Equus said late last week. ADP, which provides human resource management software, will move its offices from its current location at the Fort Washington Office Park to elsewhere in the region.
The property will eventually become the Madison Fort Washington apartment complex. A construction start date was not announced.
The acquisition reflects the town’s hope that modern, multifamily housing will bolster an area that had increasingly become pockmarked with high office vacancy rates, then compounded by flooding that further reduced the real estate appeal there.
Last year, township officials instituted a new zoning ordinance for the Fort Washington Office Park — a large contributor to Upper Dublin’s tax base — to allow mixed-use real estate and multifamily housing in a 536-acre complex replete with Class A commercial space.
“We look forward to contributing to the transformation of the park into a more vibrant mixed-use setting and believe our thoughtfully designed residences will be well-received in a market that historically has been under-served with new supply," Equus said in a statement.