Press Releases

BPG ANNOUNCES SALE OF PLEASANT WOODS IN LITTLE ROCK, AR FOR $12,250,000

<p><b>PHILADELPHIA, PA. – (December 14, 2011) – </b>BPG Properties, Ltd., one of the nation’s leading private equity fund managers, announced today the sale of Pleasant Woods, a 220 unit multi-family community located in Little Rock, Arkansas for $12,250,000 to Haley Communities, Inc. The multi-family community contains a mixture of one and two bedroom, garden style apartments and is conveniently located less than 1 mile from I-430 and within 4 miles of I-630. At the time of the sale, the community was 97 percent leased. </p> <p>“Heightened demand for professionally owned and operated multi-family properties in Little Rock’s desirable and supply constrained Northwest submarket created an attractive opportunity for us to sell Pleasant Woods,” commented Greg Curci, acquisition manager at BPG who was responsible for overseeing the disposition. </p> <p>Pleasant Woods features 1 and 2 bedroom apartments with central air conditioning, full size washer/dryers, private balconies and patios and ceiling fans. The community includes on-site amenities such as a clubhouse, two pools, and a tennis court. It is located in close proximity to Pleasant Ridge Town Centre and I-430 for convenient access to Little Rock’s largest employers.</p> <p>BPG acquired Pleasant Woods in 2003 as part of a $240 million acquisition of 17 properties located in Texas, Colorado and Arizona. The transaction was made on behalf of BPG Investment Partnership Fund VI, L.P., a $384 million private equity fund. </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 nearly 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<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 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