BPG Cites ‘Capital Market Environment’ for $35M Sale

LONG BEACH, CA-Philadelphia-based BPG Properties Ltd., a private equity fund managers, has sold the Crossings at the Bay, a 237-unit multifamily here for $34.5 million to Phoenix Realty Group. The multifamily community contains a mixture of one and two bedroom, garden style apartments and is located within two miles of freeways 405, 22 and 605 and one mile of California State University at Long Beach.

 “The current capital market environment and heightened demand for professionally owned and operated multifamily properties in Los Angeles County presented us with a natural opportunity to sell The Crossing at the Bay at favorable terms for our investors,” says Greg Curci, acquisition manager at BPG who was responsible for overseeing the disposition.