Berwind Pays $241M for 17 Multifamily Properties

PHILADELPHIA-Locally based Berwind Property Group has acquired 17 multifamily properties encompassing 5,037 units for an aggregate of approximately $241 million. The move expands BPG’s reach to the West.

The seller is Dublin, OH-based DEC Investment Group. The properties are in nine metro areas in the western and southwestern states of AZ, CO, KS, MO, AK and TX. The acquisition occurred in phases with 13 of the properties closing last month and the remaining four scheduled to close in the middle of this month.

BPG’s multifamily management affiliate, Madison Apartment Group Inc., will manage the portfolio. With completion of the final phase of the transaction, Madison’s multifamily holdings will exceed 18,000 units in 20 states.