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DeLAND, FL-Spotting a potential multifamily upgrading niche 30 miles north of Downtown Orlando, BPG Properties Ltd. has acquired the 224-unit Arbors Apartments from Denver-based Aimco Arbors LLC. The $12-million acquisition price includes the pending assumption of $7.6 million of existing Housing Finance Authority of Volusia County bonds.

BPG Properties is the operating affiliate of Philadelphia-based Berwind Property Group Ltd.

Madison Apartment Group, a five-year-old BPG affiliate, is the owner of record and will operate the Arbors. BPG made the deal for its $550-million BPG Investment Partnership VII LP private equity fund. In doing the deal, Steve Pogarsky, vice president of acquisitions for Madison, says "the appeal of this acquisition was having the ability to acquire a well-maintained asset below replacement cost in a growing market."