Massive Houston apartment portfolio sold

BPG Properties Ltd. recently acquired eight apartment communities totaling 1,030 units in Houston, Texas.

The value of the transaction was $28.6 million.

Landar Holdings L.P. sold the properties.

The units will be owned and operated by an affiliate of BPG's multifamily operating arm, Madison Apartment Group L.P. This closing represents the first of a two-stage acquisition of a 15-property portfolio containing a total of 2,054 units in Houston. The remaining properties in the portfolio are expected to close in the fourth quarter of this year.

MAG 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., the operating affiliate of Berwind Property Group Ltd., is a Philadelphia-based, privately held real estate investment company.

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