BPG Purchases Atlanta M-F Site for $53M

Continuing its search for high-quality multi-family properties despite the tanking economy, private equity real estate fund manager BPG Properties Ltd. acquired a suburban Atlanta multi-family community for $52.8 million from Atlanta-based Post Apartment Homes, L.P.Post Woods is a 494-unit Class B+ multi-family community located in suburban Atlanta. The community will be managed by BPG’s multi-family operating arm, Madison Apartment Group, L.P. 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 location of this property is very appealing,” Steve Pogarsky, vice president for BPG, told CPN. “For the last three to six months, we’ve really focused on the quality of the locations of the acquisitions we’re pursuing.”Post Woods is located in the Vinings/Cumberland submarket of northwest suburban Atlanta, just one mile from the interchange of Interstates 75 and 285, providing direct access to the Cumberland/Galleria, Buckhead and Midtown business districts. The garden style community is situated on 50 acres with two on-site lakes, walking trails and frontage along the Chattahoochee River.  It is located within walking distance to several shopping centers, the Cobb Galleria Centre, a 320,000 square foot convention center, and the new Cobb Energy Centre for the Performing Arts.   Plans for the property include a $6 million improvement program to upgrade the exteriors and interior of the units. Currently, BPG owns and operates in excess of 2,500 multi-family units and more than 1.6 million square feet of office and industrial space in suburban Atlanta, Pogarsky said.Despite the economic conditions in the country, “we have not stopped looking for good investment opportunities,” Pogarsky said. “In fact, this is a time when good investment opportunities often present themselves.”On Sept. 29, the company completed the first phase of a three property multi-family portfolio acquisition from a publicly traded REIT. The first phase of the transaction includes the acquisition of two Class B’ multi-family communities, totaling 650 apartment units, in Connecticut. The communities 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. with total equity commitments of $850 million. Later this fall, BPG will acquire a third community from the same seller which represents the second phase of the acquisition.BPG Properties, Ltd. is a private equity real estate fund manager with a portfolio of more than 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. 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. Post Properties, Inc., founded in 1971, is a developer and operator of upscale multifamily communities. Post Apartment Homes focuses on providing resort-style garden apartments and high-density urban apartments with an emphasis on resident service and a strong brand identification. Post Properties is headquartered in Atlanta and has operations in 10 markets across the country.