Press Releases


<p><b>Upper Gwynedd, PA – (January 4, 2008) – </b>BPG Properties, Ltd (BPG), a private equity real estate fund manager, announced today that it has acquired Willowyck Apartments, a 308 unit, class A apartment complex. Willowyck Apartments will be managed by BPG’s multi-family operating arm, Madison Apartment Group, L.P. (Madison). The purchase was made on behalf of BPG Investment Partnership VIII & VIIIA, L.P., a fully discretionary private equity fund with total equity commitments of $850 million.</p> <p>Willowyck Apartments is located in Upper Gwynedd Township, a northwest suburb of Philadelphia in Montgomery County, PA, and consists of 43 one and two-story apartment buildings over 28.8 acres of land. The apartment complex offers a mix of extraordinarily large one, two and three-bedroom units each with a spacious private balcony or patio, individual exterior entrances and washers and dryers. Amenities for the complex include a clubhouse, fitness center and a large swimming pool.</p> <p>“Willowyck’s location, access to metropolitan areas, schools and employment opportunities make this property an excellent investment for BPG Properties,” said Greg Curci, acquisitions manager for BPG who managed the acquisition for the firm.</p> <p>Situated along Sumneytown Pike, Willowyck Apartments offers convenient access to multiple schools, shopping and residential developments. The area is anchored by Merck & Co.’s West Point Campus, which is ½ mile away and encompasses over 400 acres. Merck is Montgomery County’s largest employer with 14,000 corporate, research, marketing and manufacturing employees. Willowyck also benefits from convenient access to the region’s major employment hubs of Philadelphia, Horsham, Conshohocken and King of Prussia via I-476 and SEPTA’s North Wales regional rail station, both of which are located within two miles of Willowyck.</p> <p>“The acquisition of Willowyck Apartments provided us with an opportunity to acquire a well located multi-family complex in a stable and mature submarket," said Steve Pogarsky, vice president of BPG who oversees multifamily acquisitions for the firm. “This transaction furthers Madison’s strategy of acquiring value-add properties nationwide.”</p> <p>BPG will immediately implement an extensive $4.3 million capital improvement program focused primarily on completely new kitchens and baths, windows, roofs, landscaping upgrades and exterior painting.</p> <b>About BPG Properties, Ltd.</b><br> BPG Properties, Ltd. is a private equity real estate fund manager based in the Philadelphia area. The firm’s portfolio consists of over 20 million square feet of office, retail, student housing and industrial properties and more than 25,000 apartment units in over 100 communities located throughout the United States. For additional information on BPG, please visit <br><br> <b>For additional information on BPG Properties, Ltd., please contact:</b><br> Holly T. Reynolds, Vice President, at (215) 575-2363 <br><br> <b>About Madison Apartment Group, L.P.</b><br> Since Madison Apartment Group was formed in 2001, its multi-family holdings have increased to approximately 25,000 units located in 22 states throughout the United States. For additional information, please visit the company’s website at <br><br> <b>For additional information on Madison Apartment Group, L.P., please contact:</b><br> Joseph F. Mullen, President and Chief Executive Officer, (215) 575-2429