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FLORISSANT, MO- BPG Properties Ltd. purchased Aspen WoodsApartments, a 452-unit complex in this northern suburb of St.Louis, from a private partnership for $22 million, or $48,673 perunit. The recent acquisition is the second major multifamilypurchase in suburban St. Louis for BPG this year. During the firstquarter, BPG entered the market with the purchase of Seven TrailsWest, a 532-unit complex in Ballwin. Both properties are owned andoperated by an affiliate of BPG's multifamily operating arm,Madison Apartment Group.

Steve Pogarsky, vice president of acquisitions at MadisonApartment Group, says that Aspen Woods is a good fit for thecompany's growing multifamily portfolio, which focuses onvalue-added properties in primary and secondary markets across thecountry. "The transaction provided us with the opportunity toacquire the apartment community below replacement cost in adynamic, growing submarket with favorable demographics, evidencedby the recent opening of several national retailers, including HomeDepot, Barnes & Noble and Office Max at the adjoining Shoppesat Cross Keys."