(To read more on the multifamily market, click here.)

FLORISSANT, MO- BPG Properties Ltd. purchased Aspen Woods Apartments, a 452-unit complex in this northern suburb of St. Louis, from a private partnership for $22 million, or $48,673 per unit. The recent acquisition is the second major multifamily purchase in suburban St. Louis for BPG this year. During the first quarter, BPG entered the market with the purchase of Seven Trails West, a 532-unit complex in Ballwin. Both properties are owned and operated by an affiliate of BPG’s multifamily operating arm, Madison Apartment Group.

Steve Pogarsky, vice president of acquisitions at Madison Apartment Group, says that Aspen Woods is a good fit for the company’s growing multifamily portfolio, which focuses on value-added properties in primary and secondary markets across the country. “The transaction provided us with the opportunity to acquire the apartment community below replacement cost in a dynamic, growing submarket with favorable demographics, evidenced by the recent opening of several national retailers, including Home Depot, Barnes & Noble and Office Max at the adjoining Shoppes at Cross Keys.”

Madison Apartment Group plans to spend $1.3 million in the next 12 months to upgrade the property, which was constructed in phases between 1970 and 1971. Planned improvements include exterior re-siding, clubhouse updates and landscaping work. The complex’s 452 units are a mix of one-bedroom, two-bedroom and three-bedroom apartments, and townhomes. Occupancy at Aspen Woods is in the low 90s, Pogarsky says.

Pogarsky adds that the property’s location in suburban St. Louis is a plus because of the operating efficiencies resulting from its proximity to Seven Trails West. Both acquisitions were made on behalf of BPG Investment Partnership VII LP, a fully discretionary private equity fund with total equity commitments of $550 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.