RALEIGH, NC-Madison at Treybrooke, a 200-unit multifamily community in Morrisville, has traded for $16.2 million. Private equity fund manager BPG Properties sold the asset to commercial real estate investor Harbor Group International. The project is 100% occupied.

“We’ve owned this property for 10 years,” says Greg Curci, the acquisition manager at BPG who was responsible for overseeing the disposition. “We had a 10-year loan on the property and it was coming due. It was a natural break point for us to put it on the market and unlock some of the value for our investors.”

BPG acquired Madison at Treybrooke in 2001 on behalf of BPG Investment Partnership Fund V, L.P., a $225 million private equity fund, as part of a portfolio acquisition of 12 multifamily communities in the Southeast. Curci tells GlobeSt.com the company debated about whether to refinance and hold because the property performs well.