Press Releases

BPG ANNOUNCES SALE OF THE CROSSINGS AT THE BAY IN LONG BEACH, CALIFORNIA FOR $34,500,000

<p><b>PHILADELPHIA, PA. – (November 29, 2011) – </b>BPG Properties, Ltd., one of the nation’s leading private equity fund managers, announced today the sale of The Crossings at the Bay, a 237 unit multi-family community located in the Los Angeles County of Long Beach, California, for $34,500,000 to Phoenix Realty Group. The multi-family community contains a mixture of one and two bedroom, garden style apartments and is conveniently located within two miles of freeways 405, 22 and 605 and one mile of California State University at Long Beach. At the time of the sale, the community was 92 percent leased. The seller was represented in the transaction by Dean Zander and Vince Norris of Hendericks & Partners.</p> <p>“The current capital market environment and heightened demand for professionally owned and operated multi-family properties in Los Angeles County presented us with a natural opportunity to sell The Crossing at the Bay at favorable terms for our investors,” commented Greg Curci, acquisition manager at BPG who was responsible for overseeing the disposition. </p> <p>The Crossings at the Bay features 1 and 2 bedroom apartments and townhomes with ceiling fans, air conditioning, dishwashers, refrigerators and private balconies. The gated community includes several on-site amenities such as a clubhouse, business center, resident lounge, three pools, fitness center, tanning bed and on-site management and maintenance.</p> <p>BPG acquired The Crossings at the Bay in 2003 as part of an $82 million acquisition of three properties located in California, Illinois and Alabama. 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> 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