ATLANTA-BPG Properties Ltd. has purchased a 494-unit multifamily community on behalf of BPG Investment Partnership VIII & VIIIA LP, an $850-million private equity fund that it manages. The purchase price was $52.7 million.

The community, previously known as Post Woods, has been renamed Madison Vinings Ridge and will be managed by BPG’s multifamily operating arm, Madison Apartment Group LP. The apartment complex was acquired from seller Post Apartment Homes LP in a deal with 70% financing from Freddie Mac, says Steve Pogarsky, vice president of BPG.

“What stood out with this transaction is the quality of the location,” Pogarsky tells GlobeSt.com. “We’ve been stingy with what we look at and acquire,” he says of the fund. The fact that the community is near the prestigious residential neighborhood of Vinings and within 10 miles of several major Atlanta business districts such as Cumberland, Midtown and Buckhead, drove BPG to pursue the deal.

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