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Berwind Apartment Group Buys 869 Units for $52M

ATLANTA-Philadelphia-based Madison Apartment Group, the multifamily subsidiary of Berwind Property Group, bought the complexes for $59,839 per unit from three separate sellers. Average occupancy is 90%.

By Marita Thomas | Updated on July 05, 2002

ATLANTA-In a three-property, $52-million transaction, Philadelphia-based Madison Apartment Group purchases the 264-unit Lincoln Crest Apartments and the 344-unit Waterford Apartments in Atlanta and a third 261-unit property in Cleveland, OH from separate sellers for $59,839 per unit.

Madison is the multifamily operating subsidiary of Philadelphia-based Berwind Property Group.

Joseph Mullen, Madison’s president, declined to disclose the purchase price of individual properties in the transaction, but confirms the $52-million package price to GlobeSt.com. He says his company will invest a total of $1.5 million in upgrades at the three properties.

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