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PHILADELPHIA-Locally-based BPG Properties Ltd. has acquired two multifamily properties in Connecticut, thus completing the first phase of a three-property multifamily portfolio acquisition from a REIT. A BPG news release did not identify the REIT, but GlobeSt.com has learned that the two properties were owned by Apartment Investment & Management Co., a REIT based in Denver from which BPG has purchased in the past. The exact purchase price was not disclosed, but a BPG spokeswoman tells GlobeSt.com it was “in excess of $100 million.”

The first phase of the transaction includes the acquisition of Northwoods and Chestnut Hill, two class B-plus multifamily communities, totaling 650 apartment units and located across from one another on West Lake Dr. in Middletown, CT. Later this fall, BPG will acquire a third property, which the spokeswoman says is in Pennsylvania.

All three communities will be managed by BPG’s multifamily operating arm, Madison Apartment Group LP. The purchase was made on behalf of BPG Investment Partnership VIII VIIIA LP, a private equity fund with total equity commitments of $850 million, according to a release.

In the release, BPG VP Steve Pogarsky says the Northwoods/Chestnut Hill acquisition “provided us with the opportunity to expand our multifamily portfolio into the New England region,” as well as marking the company’s first multifamily acquisition in Connecticut. Acquisition manager Greg Curci says in the release that the company will begin “a multi-million dollar improvement program to upgrade the physical condition of both the buildings and site.” It will address the roofs, facades, parking lots and site landscaping.

This is BPG’s second multifamily portfolio acquisition in 2008. Earlier this year, the firm added 11 multifamily communities totaling 3,098 apartment units through its acquisition of Boston Capital Real Estate Investment Trust. BPG currently manages more than 25,000 apartment units in 100 communities across the US.

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