The seller is Dublin, OH-based DEC Investment Group. Theproperties are in nine metro areas in the western and southwesternstates of AZ, CO, KS, MO, AK and TX. The acquisition occurred inphases with 13 of the properties closing last month and theremaining four scheduled to close in the middle of this month.

BPG's multifamily management affiliate, Madison Apartment GroupInc., will manage the portfolio. With completion of the final phaseof the transaction, Madison's multifamily holdings will exceed18,000 units in 20 states.

"Like many markets throughout the US, these particular marketsare currently weakened by an oversupply of apartments and weak jobgrowth," Joseph F. Mullen, Madison's president, said of the DECportfolio. "These conditions were factored into the underwriting ofthe portfolio, and we believe long term that these markets willexperience a rebound, making this a sound long-terminvestment."