BPG's $83M Spend Nets Two Virginia Multi-Family Properties
BPG Properties has made an $83.4 million investment to acquire two multi-family communities in Fredericksburg, Va. Together, the two properties -- Greens at Falls Run and Manor at England Run -- total 676 units and are 95 percent occupied.
By Nicholas Ziegler, News Editor
Greens at Falls Run Apartments
On behalf of its BPG Investment Partnership IX L.P., its new value-add real estate fund, BPG Properties has made an $83.4 million investment to acquire two multi-family communities in Fredericksburg, Va. Together, the two properties — Greens at Falls Run and Manor at England Run — total 676 units and are 95 percent occupied.
The communities will be managed by the company’s multi-family operating arm, Madison Apartment Group L.P.
Noting that the transaction marks the first acquisition for the Fund IX, Steve Pogarsky, BPG’s vice president of acquisitions, was optimistic about the properties’ future performance. “The transaction provided us with the opportunity to acquire two well located multi-family communities in the desirable Stafford County submarket of Virginia,” he said.
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. The communities are within two miles of Interstate 95, providing access to employment centers in Washington, D.C., to the north and Richmond, Va., to the south.
Stafford County was named the country’s 11th highest-income county in both 2006 and 2009 by Forbes magazine.
BPG has been busy in the last month, both on the buyer’s and the seller’s side. One of the firm’s affiliates just put up for sale the 1.2 million-square-foot Northmeadow Business Park in Atlanta, which it acquired for $93.5 million five years ago. And, in early March, BPG picked up the 223,605-square-foot Lincoln Towne Center office complex in Scottsdale, Ariz., for $34.3 million.
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