BPG Properties Ltd., the operating affiliate of Berwind Property Group, announced the acquisition of seven apartment communities from Landar Holdings L.P. for $30.12 million.
The 1,024 units, located in Houston, Texas, will be owned and operated by an affiliate of BPG’s multifamily operating arm, Madison Apartment Group L.P. These closings represent the second of a two-stage acquisition of a 15-property portfolio containing a total of 2,054 units in Houston. The first stage of closings occurred in September of this year.
“These seven properties complete our multifamily entrance into the Houston market and complement our existing Texas holdings in Dallas, Austin and San Antonio,” said Steve Pogarsky, vice president of acquisitions for Madison Apartment Group.
Madison plans to spend in excess of $2 million on renovations over the next year to strengthen the position of these communities within their markets. Improvements include new roofs, HVAC, interior upgrades, painting and landscaping.
BPG Properties Ltd. is a Philadelphia-based, privately held real estate investment firm.
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