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Berwind Group Buys 261-Unit Butternut Ridge

PHILADELPHIA-Madison Apartment Group, the multifamily arm of locally-based Berwind Property Group, buys Butternut Ridge Apartments, a 261-unit complex in the Cleveland suburb of Olmsted, OH. It is one of three recent Madison acquisitions, bought as a package for $52 million.

By Marita Thomas | Updated on July 02, 2002

PHILADELPHIA-In a three-property transaction, Philadelphia-based Madison Apartment Group has acquired Butternut Ridge Apartments, a 261-unit property in the Cleveland suburb of Olmsted, OH, from Ohio-based General Investment and Development Corp. Two Atlanta-area multifamily properties also are involved in the transaction.

Butternut Ridge was built in 1993 and is 95% occupied, Joseph Mullen, president of Madison, tells GlobeSt.com. Madison is the multifamily operating subsidiary of Philadelphia-based Berwind Property Group, Ltd. Rents at Butternut Ridge average $1,000 a unit, Mullen says.

Mullen declined to disclose the price paid for Butternut Ridge alone, but tells GlobeSt.com Madison paid $52 million for the three-property package–$59,839 per unit–and will invest a total of $1.5 million in upgrades for the three complexes.

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