FREDERICKSBURG, VA-A BPG Properties fund hasacquired two multifamily properties here for a total of $83.4million. This is the first multifamily acquisition the newly formedvalue-add real estate fund, BPG Investment Partnership IX LP, hasmade. The communities will be managed by BPG’s multi-familyoperating arm, Madison Apartment Group, LP. BPGProperties did not return a call to GlobeSt.com in time forpublication.

The company pointed to the submarket in which the properties arelocated, Stafford County, as desirable. The two properties areGreens at Falls Run, a 200-unit apartment community, and Manor atEngland Run, a 476-unit apartment community. Both are locatedwithin two miles of Interstate 95, within access of Washington,DC.

Increasingly, companies are moving further afield in search ofmultifamily opportunities as pricing gets too hot for investors inthe nation’s capital. In the case of Stafford County, themultifamily development pipeline is not nearly as robust as in thesuburbs closer to the Washington, DC area. For example, accordingto a report by Transwestern research affiliateDelta Associates, there are currently two projectsunder either development or being marketed there--the 306-unitCobblestone Square project and the 260-unit Haven at Cosner’sCorner, by Home Properties and Johnson Development Assoc.

At the same time, BPG Properties is selling off other properties inthe DC area. Last October, it sold the Campus at Sunrise, a 254,280-square-footoffice park in Reston, VA, to Grosvenor Americasfor $63 million.