St. Louis apartment complex changes hands

BPG Properties to own and operate 452 units

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A St. Louis-based private partnership has purchased an apartment property in Florissant, Ms., a northern suburb of St. Louis. The property, Aspen Woods Apartments, includes 452 units and will be owned and operated by an affiliate of BPG Properties' multifamily operating arm, Madison Apartment Group, LP. The purchase was made on behalf of BPG Investment Partnership VII, LP, a private equity fund with total equity commitments of $550 million. The value of the transaction was not disclosed. The complex consists of 37 two-story buildings, and the units include a mixture of one-bedrooms, two-bedrooms, three-bedrooms and townhomes. The average apartment size is 1,101 square feet....