BPG Acquires Two Virginia Communities

BPG Properties buys two Virginia assets for $83.4 million; Crescent Resources begins a $37 million development in Florida; and HFF completes the $31 million sale of a New York property.

Greens at Falls Run

Fredericksburg, Va.—An affiliate of BPG Properties Ltd. has acquired two communities in Fredericksburg, Va. The assets total 676 units and were acquired from a subsidiary of UDR Inc. for $83.4 million. The properties, which were 95 percent occupied at the time of closing, represent the first multifamily acquisition that BPG has made on behalf of BPG Investment Partnership IX LP, a newly formed value-add fund.

“The transaction provided us with the opportunity to acquire two well located multifamily communities in the desirable Stafford County submarket of Virginia,” says Steve Pogarsky, vice president of acquisitions for BPG.

Manor at England Run

Greens at Falls Run is a 200-unit asset with a mix of one- and two-bedroom units and on-site amenities including a clubhouse, fitness center, playground, swimming pool and tennis court.

Manor at England Run is a 476 unit apartment community with a mix of one-, two- and three-bedroom apartments and on-site amenities that include two pools, a business center, clubhouse, fitness center, covered parking and a tennis court.

Crescent Resources acquires land for new $37 development

Tampa, Fla.—A partnership between Crescent Resources and Global Growth Trust has acquired 25 acres in Tampa, Fla., for the development of a 344-unit, garden-style community. Construction will begin immediately on the $37 million community, which will be named Circle Crosstown.

“We are excited about this exceptional location close to an abundance of high-level employment, retail and services,” says Brian Natwick, president of multifamily for Crescent Resources. “The innovative Circle Crosstown will offer its residents unique floor plans, uncommon amenities, high-quality finishes and attention to detail that is consistent with our brand.”

When complete, Circle Crosstown will feature one-, two- and three-bedroom floor plans and on-site amenities including a dog park, saltwater pool, resident lounge and café. The first apartments are expected to be completed in the first quarter of 2013.

HFF completes $31M sale of Gramercy Park property by GID to BRG

New York—HFF announced that it has closed the $31 million sale of 321 East 22nd Street, a 117-unit, six-story multi-housing property in Manhattan’s Gramercy Park neighborhood.

HFF marketed the property on behalf of the seller, GID Investment Advisors LLC. BRG (Benedict Realty Group) purchased 321 East 22nd Street for $31 million.

321 East 22nd Street is located between First and Second Avenues near Midtown Manhattan in Gramercy Park.  The 96 percent leased property has an average unit size of 441 square feet and includes 6,000 square feet of commercial space.

The HFF investment sales team representing the seller was led by Senior Managing Directors Andrew Scandalios and Jose Cruz, and directors Jeffrey Julien and Kevin O’Hearn.