BPG affiliate acquires Missouri apartments
Makes first purchase in St. Louis metro area
By Inman News, Friday, March 31, 2006.BPG Properties Ltd. announced the acquisition of Seven Trails West apartment complex in Ballwin, Mo., a St. Louis suburb.
The value of the transaction was not disclosed.
An undisclosed entity sold the 532-unit property, which will be owned and operated by an affiliate of BPG's multifamily operating arm, Madison Apartment Group L.P.
"Seven Trails West represents our first multifamily acquisition in the St. Louis market and bolsters the Midwest region of our national portfolio, which includes communities in Kansas City, Detroit, Cleveland and Chicago," said Steve Pogarsky, vice president of acquisitions for Madison Apartment Group.
MAG plans to spend $3.4 million on renovations over the next 18 months to enhance the position of the asset within its submarket. A substantial portion of the planned improvements will be allocated to interior kitchen and bathroom upgrades.
Philadelphia-based BPG Properties Ltd., the operating affiliate of Berwind Property Group Ltd., is a privately held real estate investment firm.
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