BPG Properties Ltd., on behalf of its Investment Partnership VIII & VIIIA LP, has completed the acquisition of Boston Capital Real Estate Investment Trust for $13.30 per share in an all-cash transaction.
As a result of the transaction, the firm has acquired an 11-property multifamily portfolio totaling 3,098 units located in the markets of Seattle, Portland, Salt Lake City, Dallas and Jacksonville. The communities will be managed by Madison Apartment Group L.P. (Madison), BPG’s multifamily operating arm.
With a real estate value of approximately $260 million, this acquisition represents the second-largest multifamily transaction in BPG’s history, second only to the $314 million, 22-property apartment portfolio the firm acquired in eastern Pennsylvania in January 2007.
BPG will immediately implement an extensive $15.5 million capital expenditure program to upgrade the physical and operational quality of the portfolio.
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