(To read more on the multifamily market, click here.)

FLORISSANT, MO- BPG Properties Ltd. purchased Aspen Woods Apartments, a 452-unit complex in this northern suburb of St. Louis, from a private partnership for $22 million, or $48,673 per unit. The recent acquisition is the second major multifamily purchase in suburban St. Louis for BPG this year. During the first quarter, BPG entered the market with the purchase of Seven Trails West, a 532-unit complex in Ballwin. Both properties are owned and operated by an affiliate of BPG's multifamily operating arm, Madison Apartment Group.

Steve Pogarsky, vice president of acquisitions at Madison Apartment Group, says that Aspen Woods is a good fit for the company's growing multifamily portfolio, which focuses on value-added properties in primary and secondary markets across the country. "The transaction provided us with the opportunity to acquire the apartment community below replacement cost in a dynamic, growing submarket with favorable demographics, evidenced by the recent opening of several national retailers, including Home Depot, Barnes & Noble and Office Max at the adjoining Shoppes at Cross Keys."

Madison Apartment Group plans to spend $1.3 million in the next 12 months to upgrade the property, which was constructed in phases between 1970 and 1971. Planned improvements include exterior re-siding, clubhouse updates and landscaping work. The complex's 452 units are a mix of one-bedroom, two-bedroom and three-bedroom apartments, and townhomes. Occupancy at Aspen Woods is in the low 90s, Pogarsky says.