BPG continues apartment buying spree

The private equity real estate firm has picked up a 494-unit apartment complex in Atlanta, Georgia. The deal follows close on the heels of its acquisition last month of two multifamily properties in Connecticut.

Philadelphia-based BPG Properties has acquired the Post Woods apartment complex in Atlanta, Georgia from US real estate investment trust, Post Properties.

BPG paid $52.8 million for the 494-unit garden-style apartment complex. The property was acquired through the private equity real estate firm’s $850 million funds, BPG Investment Partnership VIII and VIIIA, which closed in 2007.

The latest deal comes one month after its acquisition of two multifamily complexes in Connecticut. The properties comprised the Northwoods and Chestnut Hill in North Middlesex multifamily properties. The two properties, acquired for an undisclosed sum, totaled 650 apartment units. The deal was made through the same funds, the BPG Investment Partnership VIII and VIIIA. 

US REIT Post Properties, headquartered in Atlanta, Georgia, focuses on developing and operating US multifamily properties. It currently owns 20,402 apartment homes across the US.