Madison Apartment Group, the multifamily operating subsidiary of Berwind Property Group Ltd., has acquired the 560-unit Ridgelake Apartment complex located in Nashville, Tenn.

The value of the transaction was $29.8 million.

Ridgelake, an apartment and townhome community located in the Bellevue area of Nashville in Davidson County, was purchased from a partnership comprised of Fogelman Properties and GE Capital. This is the second acquisition in Tennessee for Madison Apartment Group, which also owns and operates Rivergate Meadows, 200 units in Goodlettsville, a northern suburb of Nashville.

Madison Apartment Group will manage the property and plans to spend approximately $3.5 million on various renovations and upgrades over the next year.

Madison Apartment Group L.P. has a portfolio of approximately 20,000 units in 74 apartment complexes located throughout the United States.

Berwind Property Group Ltd. is a Philadelphia-based, privately held real estate investment company.

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