The luxury vacation home fund manager, Equity Residences, has added a new home in New York City for use by it’s investors. It has also completed the addition to the Belize home it acquired last year.
New York Home
The latest addition to the Equity Platinum Fund portfolio is a luxury New York City pied-à-terre. It is conveniently located on Central Park and Columbus Circle, and is only steps away from Broadway, Lincoln Center, and several of Manhattan’s top-rated restaurants, including the Michelin Guide 2-star Jean-Georges. Along with expansive Central Park views, this 2-bedroom condo offers a health club with pool, gym, and spa services along with a business center, concierge service, and valet service.
Belize Home Addition
Equity Residences also completed the remodel of its waterfront residence in Ambergris Caye, Belize. The remodel included the addition of a sixth ensuite bedroom, and a game room as well as upgraded kitchen and new hardwood floors. The residence has become a reflection of Caribbean luxury and style with 26’ ceilings in the living room and dining area. Investors enjoy fantastic views of the Caribbean Sea and barrier reef from the 600 square feet veranda, 250’ dock or the infinity-edge pool.
This home was acquired in 2022 for the Platinum Fund. “Belize was a great example of where we made value-added upgrades that enhanced the resale value of the home, increased the rental rates and resulted in one of the most luxurious homes on Ambergris Caye,” said Greg Salley Managing Director of Equity Residences.
Equity Residences funds have raised over $70 million to acquire luxury homes in highly desired vacation destinations. The original Platinum Fund sold out last year and is adding the last homes at the moment. “We are still adding a few homes with a focus on adding European locations such as the Greek Isles, Paris or Barcelona,” said Greg Salley.
“This is a good time to be an all-cash buyer given the sudden increase in interest rates and the strong dollar. We’re seeing downward price pressure in some markets, and we’ve locked in a favorable exchange rate for our European acquisitions,” Greg Salley told SherpaReport.
With the launch of Equity Platinum Fund 2 last year, Equity Residences plans to raise $50 million to acquire 16 vacation homes for the fund investors with the first two homes located in Punta de Mita, Mexico and the Caribbean island of Anguilla. The entry level investment in Platinum Fund 2 is $218,500 with annual dues of $3,960. All the Equity Residences funds rent out some of the time, after investors have booked their own time at the homes, and this rental income helps offset the costs of running the fund and the homes.
