The community, previously known as Post Woods, has been renamedMadison Vinings Ridge and will be managed by BPG's multifamilyoperating arm, Madison Apartment Group LP. The apartment complexwas acquired from seller Post Apartment Homes LP in a deal with 70%financing from Freddie Mac, says Steve Pogarsky, vice president ofBPG.

"What stood out with this transaction is the quality of thelocation," Pogarsky tells GlobeSt.com. "We've been stingy with whatwe look at and acquire," he says of the fund. The fact that thecommunity is near the prestigious residential neighborhood ofVinings and within 10 miles of several major Atlanta businessdistricts such as Cumberland, Midtown and Buckhead, drove BPG topursue the deal.

The property also fit the description as a class B value-addasset that the fund is looking to acquire, says Pogarsky. About 40%of the company's eighth fund has already been invested.