Press Releases

BPG PROPERTIES, LTD. ANNOUNCES ACQUISITION OF 494 UNIT MULTI-FAMILY COMMUNITY IN ATLANTA, GEORGIA

<p><b>Philadelphia, PA – (October 31, 2008) – </b>BPG Properties, Ltd. (BPG), one of the nation’s leading private equity real estate fund managers, announced today the acquisition of Post Woods, a 494 unit Class B+ multi-family community located in suburban Atlanta from Post Apartment Homes, L.P. for $52,750,000. The community will be managed by BPG’s multi-family operating arm, Madison Apartment Group, L.P. (Madison). The purchase was made on behalf of BPG Investment Partnership VIII & VIIIA, L.P., a fully discretionary private equity fund with total equity commitments of $850 million.</p> <p>“The acquisition of Post Woods provided us with the opportunity to expand our multi-family portfolio in the Southeastern region of the United States,” commented Steve Pogarsky, vice president of BPG who was responsible for the transaction. “Currently, BPG owns and operates in excess of 2,500 multi-family units and more than 1.6 million square feet of office and industrial space in suburban Atlanta.” </p> <p>Post Woods is located in the highly desirable Vinings/Cumberland submarket of northwest suburban Atlanta, just one mile from the interchange of Interstates 75 and 285, providing direct access to the pre-eminent business districts of Atlanta, namely Cumberland/Galleria, Buckhead and Midtown. The garden style community is situated on 50 acres of rolling picturesque woodlands and includes two on-site lakes, extensive walking trails and frontage along the popular Chattahoochee River. Residents enjoy being located within walking distance to several shopping centers, the nationally recognized Cobb Galleria Centre, a 320,000 square foot convention center, and the new Cobb Energy Centre for the Performing Arts.</p> <p>“We will immediately begin a $6 million improvement program to upgrade the exteriors and interior of the units including exterior painting, roofs, clubhouse and fitness center and renovations to the kitchen and bathrooms,” commented Steve Pogarsky of BPG.</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 20 million square feet of office, retail, student housing, and industrial properties and more than 25,000 apartment units in more than 100 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> Holly T. Reynolds, Vice President, at (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 approximately 25,000 units located in 22 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