Press Releases

BPG ANNOUNCES SALE OF MADISON AT ABBEY COURT IN SUBURBAN CHARLOTTE, NC FOR $9,400,000

<p><b>PHILADELPHIA, PA. – (July 10, 2012) – </b>BPG Properties, Ltd., one of the nation’s leading private equity fund managers, announced today the sale of Madison at Abbey Court, a 176 unit multifamily community located in Belmont, North Carolina for $9,400,000 to American Residential Investment Management. The multifamily community is located 7 miles from Charlotte and less than 1 mile from Interstate 85with easy access to Interstate 485. It offers a mixture of one and two bedroom, garden style apartments and townhomes. At the time of the sale, the community was 98 percent leased. </p> <p>“Heightened investor demand for well-maintained multifamily apartment communities resulted in multiple compelling offers for this consistently strong performing asset,” commented Greg Curci, vice president at BPG who was responsible for overseeing the disposition. </p> <p>Madison at Abbey Court features apartments and townhomes with individual climate control, washer/dryer connections and private patios or balconies. The community includes on-site amenities such as a clubhouse, pool, and a playground.</p> <p>BPG acquired Madison at Abbey Court in 2001 as part of a $135,700,000 acquisition of 12 properties located in Alabama, Florida, Georgia, North Carolina and Tennessee. The transaction was made on behalf of BPG Investment Partnership Fund V, L.P., a $225,000,000 private equity fund. </p> <b>About BPG Properties, Ltd.</b><br> BPG Properties, Ltd. is one of the nation’s leading private equity real estate fund managers. BPG’s portfolio consists of over 24 million square feet of office, retail, student housing, and industrial properties and nearly 19,000 apartment units in over 70 communities located throughout the United States. The firm is headquartered in the Philadelphia area with regional offices in Los Angeles, Chicago, Washington DC, Boston, Atlanta and Raleigh-Durham. For additional information, please visit the company’s website at www.bpgltd.com.<br><br> <b>For additional information on BPG Properties, Ltd., please contact: </b><br> Joseph G. Nahas, Jr, Vice President, 215-575-2363<br><br> <b>About Madison Apartment Group, L.P.</b><br> Since Madison Apartment Group was formed in 2001, its multi-family holdings have increased to nearly 19,000 units located in 15 states throughout the United States. For additional information, please visit the company’s website at www.maglp.com<br><br> <b>For additional information on Madison Apartment Group, L.P., please contact: </b><br> Joseph F. Mullen, President and Chief Executive Officer, 215-575-2429<br><br>