The first phase of the transaction includes the acquisition of Northwoods and Chestnut Hill, two class B-plus multifamily communities, totaling 650 apartment units and located across from one another on West Lake Dr. in Middletown, CT. Later this fall, BPG will acquire a third property, which the spokeswoman says is in Pennsylvania.

All three communities will be managed by BPG's multifamily operating arm, Madison Apartment Group LP. The purchase was made on behalf of BPG Investment Partnership VIII VIIIA LP, a private equity fund with total equity commitments of $850 million, according to a release.

In the release, BPG VP Steve Pogarsky says the Northwoods/Chestnut Hill acquisition "provided us with the opportunity to expand our multifamily portfolio into the New England region," as well as marking the company's first multifamily acquisition in Connecticut. Acquisition manager Greg Curci says in the release that the company will begin "a multi-million dollar improvement program to upgrade the physical condition of both the buildings and site." It will address the roofs, facades, parking lots and site landscaping.