Press Releases

BPG ANNOUNCES SALE OF MADISON AT TREYBROOKE IN RALEIGH, NC FOR $16.2 MILLION

<p><b>MORRISVILLE, NC. – (April 7, 2011) – </b>BPG Properties, Ltd., one of the nation’s leading private equity fund managers, announced today the sale of Madison at Treybrooke, a 200 unit multi-family community located in Morrisville, North Carolina, for $16,200,000 to Harbor Group International, LLC. The multi-family community contains a mixture of garden style apartments and two and three bedroom townhomes located three miles from I-40, I-540 and Research Triangle Park in a suburb of Raleigh. At the time of the sale, the community was 100% occupied.</p> <p>“The current capital market environment and heightened demand for well-maintained multi-family properties in the Raleigh market presented us with a natural opportunity to sell Madison at Treybrooke at favorable terms for our investors,” commented Greg Curci, acquisition manager at BPG who was responsible for overseeing the disposition. </p> <p>Originally constructed in 1990, Madison at Treybrooke has exceptionally large apartments with an average square footage of 1,140 square feet per apartment. Approximately 40% of the apartments are two and three bedroom townhomes, offering a unique set of floor plan options in the market. The community includes several on-site amenities such as a clubhouse, Olympic size pool, fitness center, lighted tennis courts, playground and access to a top rated school district. </p> <p>BPG acquired Madison at Treybrooke in 2001 on behalf of BPG Investment Partnership Fund V, L.P., a $225 million private equity fund, as part of a portfolio acquisition of 12 multi-family communities located throughout the Southeastern part of the United States. </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 24 million square feet of office, retail, student housing, and industrial properties and more than 18,000 apartment units in over 70 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.<p> <b>For additional information on BPG Properties, Ltd., please contact: </b><br> Joseph G. Nahas, Jr, Vice President, 215-575-2363<p> <b>For additional information on the sale transaction, please contact: </b><br> Christopher J. Locatell, Vice President, 215-575-2349 <b>About Madison Apartment Group, L.P. </b><br> Since Madison Apartment Group was formed in 2001, its multi-family holdings have increased to nearly 19,000 units located in 16 states throughout the United States. For additional information, please visit the company’s website at www.maglp.com<p> <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