Press Releases

BPG ANNOUNCES SALE OF MADISON AT FARMINGTON HILLS FOR $20,000,000

<p><b>PHILADELPHIA, PA. – (August 1, 2012) – </b>BPG Properties, Ltd., one of the nation’s leading private equity fund managers, announced today the sale of Madison at Farmington Hills, a 424 unit multifamily community located in suburban Detroit, Michigan for $20,000,000 to Forum Real Estate Group. The multifamily community is located less than 1 mile from the Orchard Lake exit of I-696 within 15 minutes of Detroit. It offers a mixture of one and two bedroom, garden style apartments. At the time of the sale, the community was 95 percent leased. </p> <p>“Detroit’s economic recovery coupled with heightened investor demand for well-performing apartment communities presented us with a natural opportunity to sell Madison at Farmington Hills at favorable terms for our investors,” commented Greg Curci, vice president at BPG who was responsible for overseeing the disposition. </p> <p>Madison at Farmington Hills features apartments with controlled building access, central air conditioning and private patios or balconies. The community includes on-site amenities such as a clubhouse, pool, tennis court and a playground.</p> <p>BPG acquired Madison at Farmington Hills in 2002 on behalf of BPG Investment Partnership Fund VI, L.P., a $384,000,000 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. <p> <b>For additional information on BPG Properties, Ltd., please contact: </b><br> Joseph G. Nahas, Jr, Vice President, 215-575-2363 <p> <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 <p> <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