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.

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

"Historically, each of the funds have been about a third multifamily, a third office/industrial and a third 'other,' including retail and land development," he says, adding that the fund is planning to close on a transaction later this month in Pennsylvania. Currently, BPG owns and operates 2,500 multifamily units and more than 1.6 million square feet of office and industrial space in suburban Atlanta.

Madison Vinings Ridge is located at 3200 Post Woods Drive, one mile from the interchange of Interstates 75 and 285. Average rental rates are approximately $975 per month, according to Pogarsky. BPG plans to begin a $6-million improvement program to upgrade exteriors, amenities such as a clubhouse and fitness center, and the interiors of units including renovations to the kitchen and bathrooms.