(Read more on the multifamily market.)
PHILADELPHIA-Madison Apartment Group, the multifamily arm of locally based BPG Properties Group, has put a seven-property portfolio across three states up for sale. The portfolio has an aggregate of 1,800 rental units in areas around Atlanta, Chattanooga and Huntsville, AL.
Joseph Mullen, Madison's president, tells GlobeSt.com, "They were acquired with [BPG Investment Partnership] Fund V, and we're now in Fund VII. We've owned the portfolio for about six years, and that's a typical life cycle for our funds."
The Atlanta office of Cushman & Wakefield is marketing the portfolio under a team that includes David Gutting, executive director, Steve Griffin and Nathan Swenson. Gutting tells GlobeSt.com, the asking price is $123 million, "which is a compilation of the prices for each of the seven assets.
"We call it a tri-state portfolio and are marketing it to three different types of buyers: those looking for the entire portfolio and others who might want multiple assets in just one state," Gutting says. "Another option would be to buyers that want single assets."
Four of the properties are in Georgia. The 264-unit Madison at Forest Glen in Austell was built in 1989, and the average rent is $816 per month. Madison at Warterford in Lithia Springs was built between 1989 and 1992. It has 344 units, and the average rent is $845 per month. The 200-unit Madison at Home Ridge in Douglasville was also built in 1989, and the average rent rate is $780 per month. Madison at Stewart's Mill Landing, also in Douglasville, has 188 units. It was built between 1988 and 1993, and the rent rates average $774 per month.
The two Alabama assets are Madison at the Huntington, a 224-unit property in Huntsville that was built in 1987 and has a rent-rate average of $626 per month. Madison at Charleston Oaks in Madison is a 240-unit property. It was built in 1988, and the average rent is $614 per unit.
Madison at Arbor Creek is a 340-unit facility in Chattanooga. It was built in phases completed in 1988 and 2001. The average rent rate is $703 per month. "All of the assets are in expanding Southeastern economic submarkets," Gutting says.
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