BPG declined to identify the seller, tell whether it is a single seller or multiple sellers, or name the properties. However, a spokesperson for the company tells GlobeSt.com that additional details regarding the acquisition are forthcoming.

Joseph Mullen, MAG's president and CEO, refers to it as a portfolio, suggesting a single seller. "The diversity of the portfolio made it particularly attractive, as it ranges from class A to class C in property types, and is located in both primary and secondary markets," according to a BPG statement. The acquisition increases MAG's presence in the Southeast, allowing it to enter new markets while also expanding its holdings in the Charlotte metro area.

"Like many areas in the country, these markets have been hurt by vacancy and concessions," Mullen says. "However, we believe the underlying fundamentals in each of these markets is strong, so that with the gradual improvement in the general apartment market, these properties will perform well in the future."

MAG will manage the portfolio and plans to invest approximately $5.1 million in renovations and upgrades over the next year. Among the improvements are renovations of kitchens, baths and clubhouses along with new siding, painting and paving.

The acquisition was made on behalf of BPG's Investment Partnership VI, LP, a fully discretionary fund with total commitments of $384 million. Mullen says MAG was "able to efficiently mobilize and perform each stage of the acquisition process. Due to our relationship with the lending markets, we were able to attain permanent debt with the stabilized portion of the portfolio and take advantage of current low interest rates."