(Read more on the multifamily market.)
MEMPHIS, TN-Philadelphia-based BPG Properties Ltd. has acquiredthe 1,002-unit Watergrove Townhomes at 6860 Quince Road for $46million. The acquisition was made by BPG's multifamily operatingarm, Madison Apartment Group L.P., on behalf of BPG InvestmentPartnership VIII & VIIIA, L.P.
The complex, which consists of 155 one- and two-story apartmentbuildings on 144 acres, is located in the Germantown/Colliervillesubmarket near the Nanconnah Parkway, Kirby Parkway and Interstate240. The community includes three clubhouses, six swimming pools,two fitness centers, four lighted tennis courts, three racquetballcourts, a playground and a ratio of 2.2 parking spaces per unit.Rents for one-bedroom units start at $479 and for two-bedroom unitsstart at $559.
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