Press Releases

BPG PROPERTIES, LTD. ANNOUNCES ACQUISITON OF 320 UNIT MULTI-FAMILY COMMUNITY IN SUBURBAN PHILADELPHIA, PENNSYLVANIA

<p><b>Philadelphia, PA. – (November 12, 2008) –</b> BPG Properties, Ltd (BPG), one of the nation’s leading private equity real estate fund managers, announced today that it has completed the second phase of a three property multi-family portfolio acquisition from a publicly traded REIT. This phase included the acquisition of Hunt Club, a 320 unit, multi-family community located in suburban Philadelphia, Pennsylvania. It 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. The first phase of the transaction closed in September 2008 and included the acquisition of two multi-family communities totaling 650 apartment units in Connecticut.</p> <p>“The acquisition of Hunt Club provided us with the opportunity to acquire a Class A multi-family community in a highly desirable and convenient location,” commented Steve Pogarsky, vice president of BPG who along with Greg Curci, acquisition manager, was responsible for the transaction. “Further, it allowed us to expand our Pennsylvania multi-family portfolio which now consists of 25 communities totaling more than 4,000 units.”</p> <p>Hunt Club is located 20 miles north of Philadelphia in Lower Gwynedd, an affluent township within Montgomery County. It offers residents convenient access to many nearby employment centers as well as to Center City Philadelphia by SEPTA’s Regional Rail or Route 309 and I-276 (the Pennsylvania Turnpike). On-site amenities include a business center, swimming pool and tennis and basketball courts.</p> <p>“We will immediately begin an extensive $3.4 million improvement program to upgrade the physical condition of both the buildings and apartment units,” commented Greg Curci of BPG. “The program will address the roofs, facades, parking lots and site landscaping as well as upgrades to kitchens and bathrooms within the units.”</p> <p> is BPG’s second multi-family acquisition within the past two weeks. The firm recently acquired Post Woods, a 494 unit multi-family community in Atlanta, Georgia.</p> <b>About BPG Properties, Ltd.</b><br> BPG Properties, Ltd. is one of the nation’s leading private equity real estate fund managers. BPG’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 more than 100 communities located throughout the United States. The firm is headquartered in the Philadelphia area with regional offices in Los Angeles, Chicago, Washington DC, Boston, Atlanta and Raleigh-Durham. For additional information, please visit the company’s website at www.bpgltd.com.<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 www.maglp.com<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