The first phase of the transaction includes the acquisition ofNorthwoods and Chestnut Hill, two class B-plus multifamilycommunities, totaling 650 apartment units and located across fromone another on West Lake Dr. in Middletown, CT. Later this fall,BPG will acquire a third property, which the spokeswoman says is inPennsylvania.

All three communities will be managed by BPG's multifamilyoperating arm, Madison Apartment Group LP. The purchase was made onbehalf of BPG Investment Partnership VIII VIIIA LP, a privateequity fund with total equity commitments of $850 million,according to a release.

In the release, BPG VP Steve Pogarsky says theNorthwoods/Chestnut Hill acquisition "provided us with theopportunity to expand our multifamily portfolio into the NewEngland region," as well as marking the company's first multifamilyacquisition in Connecticut. Acquisition manager Greg Curci says inthe release that the company will begin "a multi-million dollarimprovement program to upgrade the physical condition of both thebuildings and site." It will address the roofs, facades, parkinglots and site landscaping.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.