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BPG Buys 22 Apartment Complexes for $314M

PHILADELPHIA-National Properties Inc. sells its entire multifamily portfolio. All of the complexes are in Pennsylvania and have an aggregate of 3,437 units.

By Marita Thomas | Updated on January 24, 2007

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

PHILADELPHIA-In one of the largest multifamily transactions in this area in recent years, BPG Properties Group has acquired 22 rental complexes with an aggregate of 3,437 units for $314 million. The seller is Malvern-based National Properties Inc.

The transaction is also locally based BPG’s largest amount paid ever, Art Pasquarella, executive vice president and COO, tells GlobeSt.com. “Our multifamily strategy is to buy portfolios versus single properties,” he says, “and because of our fund and Madison [BPG's multifamily operating arm], we have the financial capacity to act quickly and the operational capacity to do due diligence efficiently on a multi-property portfolio.” Yardley-based Madison Apartment Group will operate the portfolio.

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