BPG Properties Ltd. recently announced the acquisition of The Arbors apartment complex in Deland, Fla.
The value of the transaction was $12 million.
AIMCO Arbors LLC sold the 224-unit property, which will be owned and operated by an affiliate of BPG’s multifamily operating arm, Madison Apartment Group L.P.
“The appeal of this acquisition was having the ability to acquire a well-maintained asset below replacement cost in a growing market,” said Steve Pogarsky, vice president of acquisitions for MAG. “The Arbors represents our first acquisition in the Orlando/Daytona Beach corridor and complements our existing Florida multifamily holdings in Fort Myers and Lakeland…As these two cities continue to grow, Deland is positioned to experience increased population growth leading to increased demand for apartments.”
MAG plans to spend $500,000 on renovations over the next year to enhance the position of the property within its market. Planned improvements include new roofs, exterior painting, landscaping and storm-water-drainage upgrades.
Philadelphia-based BPG Properties Ltd., the operating affiliate of Berwind Property Group Ltd., is a privately held real estate investment firm.