FREDERICKSBURG, VA-A BPG Properties fund has acquired two multifamily properties here for a total of $83.4 million. This is the first multifamily acquisition the newly formed value-add real estate fund, BPG Investment Partnership IX LP, has made. The communities will be managed by BPG’s multi-family operating arm, Madison Apartment Group, LP. BPG Properties did not return a call to GlobeSt.com in time for publication.

The company pointed to the submarket in which the properties are located, Stafford County, as desirable. The two properties are Greens at Falls Run, a 200-unit apartment community, and Manor at England Run, a 476-unit apartment community. Both are located within two miles of Interstate 95, within access of Washington, DC.

Increasingly, companies are moving further afield in search of multifamily opportunities as pricing gets too hot for investors in the nation’s capital. In the case of Stafford County, the multifamily development pipeline is not nearly as robust as in the suburbs closer to the Washington, DC area. For example, according to a report by Transwestern research affiliate Delta Associates, there are currently two projects under either development or being marketed there--the 306-unit Cobblestone Square project and the 260-unit Haven at Cosner’s Corner, by Home Properties and Johnson Development Assoc.

At the same time, BPG Properties is selling off other properties in the DC area. Last October, it sold the Campus at Sunrise, a 254,280-square-foot office park in Reston, VA, to Grosvenor Americas for $63 million.