BPG PROPERTIES ACQUIRES $22.4 MILLION MULTIFAMILY PORTFOLIO

LENEXA, KAN., AND KANSAS CITY, MO. — BPG Properties has acquired a 483-unit apartment portfolio for $22.4 million. The portfolio comprises three apartment communities: Woodridge and Oaks at Mill Creek, which are located in Lenexa, and Woodlands of Kansas City, which is located in Kansas City. The communities contain a mixture of one- and two-bedroom units, and each features a swimming pool. Woodridge also features a fitness center, a sauna, a tennis court and a volleyball court. The acquisition was made by BPG on behalf of BPG Investment Partnership VIII & VIIIA, the company’s $850 million fully discretionary private equity fund. BPG plans to implement a $3 million capital improvement program at each of the communities. The properties will be manages by Madison Apartment Group, an affiliate of BPG. The seller was not disclosed.