FREDERICKSBURG, VA-A BPG Properties fund has acquired two multifamily properties here for a total of $83.4 million. This is the first multifamily acquisition the newly formed value-add real estate fund, BPG Investment Partnership IX LP, has made. The communities will be managed by BPG’s multi-family operating arm, Madison Apartment Group, LP. BPG Properties did not return a call to in time for publication.

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

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