MEMPHIS, TN-Philadelphia-based BPG Properties Ltd. has acquired the 1,002-unit Watergrove Townhomes at 6860 Quince Road for $46 million. The acquisition was made by BPG's multifamily operating arm, Madison Apartment Group L.P., on behalf of BPG Investment Partnership VIII & VIIIA, L.P.

The complex, which consists of 155 one- and two-story apartment buildings on 144 acres, is located in the Germantown/Collierville submarket near the Nanconnah Parkway, Kirby Parkway and Interstate 240. The community includes three clubhouses, six swimming pools, two fitness centers, four lighted tennis courts, three racquetball courts, a playground and a ratio of 2.2 parking spaces per unit. Rents for one-bedroom units start at $479 and for two-bedroom units start at $559.

"The acquisition of Watergrove Townhomes was a great opportunity to position Madison Apartment Group in a desirable submarket with 94% occupancy, as compared to the overall Memphis market which is 88% occupied," says BPG vice president Steve Pogarsky, who managed the acquisition on behalf of the firm.

BPG plans to spend $5 million on capital improvements to improve the curbside appeal of the property, which will be renamed Madison at Cypress Lakes. It will be managed by Madison Apartment Group.