Press Releases


<p><b>PHILADELPHIA, PA. – (March 29, 2012) – </b>BPG Properties, Ltd., one of the nation’s leading private equity real estate fund managers, announced today that one of its affiliates has acquired two multi-family communities totaling 676 unit in Fredericksburg from a subsidiary of UDR, Inc. for $83,400,000. The communities were 95 percent occupied at the time of closing. It is the first multi-family acquisition that BPG has made on behalf of BPG Investment Partnership IX, L.P. (Fund IX), its newly formed value-add real estate fund. The communities will be managed by BPG’s multi-family operating arm, Madison Apartment Group, LP. (Madison).</p> <p>“We are pleased to announce our first multi-family acquisition for our newly formed Fund IX,” explained Steve Pogarsky, vice president of acquisitions for BPG who oversaw the transaction for the firm. “The transaction provided us with the opportunity to acquire two well located multi-family communities in the desirable Stafford County submarket of Virginia.”</p> <p>Greens at Falls Run is a 200 unit apartment community containing a mixture of one and two bedroom apartments and on-site amenities including a clubhouse, fitness center, playground, swimming pool and tennis court. Located one mile away on Route 17, Manor at England Run is a 476 unit apartment community containing a mixture of one, two and three bedroom apartments and on-site amenities including two pools, a business center, clubhouse, fitness center, covered parking and a tennis court. </p> <p>The communities are within two miles of Interstate 95, providing access to employment centers in Washington, DC to the north and Richmond, Virginia to the south. </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 <p> <b>For additional information on BPG Properties, Ltd., please contact:</b><br> Joseph G. Nahas, Jr., Vice President, 215-575-2363 <p> <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 18,000 apartment units in 16 states throughout the United States. <p> <b>For additional information on Madison Apartment Group, L.P., please contact:</b><br> Joseph F. Mullen, President and Chief Executive Officer, Chief Executive Officer, 215-575-2429