RALEIGH, NC-Madison at Treybrooke, a 200-unit multifamilycommunity in Morrisville, has traded for $16.2 million. Privateequity fund manager BPG Properties sold the asset to commercialreal estate investor Harbor Group International. The project is100% occupied.

“We’ve owned this property for 10 years,” says Greg Curci, theacquisition manager at BPG who was responsible for overseeing thedisposition. “We had a 10-year loan on the property and it wascoming due. It was a natural break point for us to put it on themarket and unlock some of the value for our investors.”

BPG acquired Madison at Treybrooke in 2001 on behalf of BPGInvestment Partnership Fund V, L.P., a $225 million private equityfund, as part of a portfolio acquisition of 12 multifamilycommunities in the Southeast. Curci tells GlobeSt.com the companydebated about whether to refinance and hold because the propertyperforms well.

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