Press Releases

BPG PROPERTIES, LTD. ANNOUNCES THE COMPLETION OF ITS FIRST MULTI-FAMILY ACQUISITION IN CONNECTICUT

<p><b>Philadelphia, PA. – (September 29, 2008) – </b>BPG Properties, Ltd (BPG), one of the nation’s leading private equity real estate fund managers, announced today that it has completed the first phase of a three property multi-family portfolio acquisition from a publicly traded REIT. The first phase of the transaction includes the acquisition of two Class B' multi-family communities, totaling 650 apartment units, in Connecticut. The communities 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. Later this fall, BPG will acquire a third community from the same seller which represents the second phase of the acquisition.</p> <p>“The acquisition of Northwood and Chestnut Hill provided us with the opportunity to expand our multi-family portfolio into the New England region of the United States,” commented Steve Pogarsky, vice president of BPG who along with Greg Curci, acquisition manger, was responsible for the transaction. “This transaction represents our firm’s first multi-family acquisition in Connecticut.”</p> <p>Northwoods, a 336 unit community, and Chestnut Hill, a 314 unit community, are situated across from each other on West Lake Drive in Middletown, Middlesex County, Connecticut. The communities are located in the North Middlesex submarket and benefit from their proximity to both Hartford and New Haven via Interstate 91.</p> <p>“We will immediately begin a multi-million dollar improvement program to upgrade the physical condition of both the buildings and site,” commented Greg Curci of BPG. “The program will address the roofs, facades, parking lots and site landscaping.”</p> <p>This is BPG’s second multi-family portfolio acquisition in 2008. Earlier this year, the firm added 11 multi-family communities totaling 3,098 apartment units through its acquisition of Boston Capital Real Estate Investment Trust.</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