BPG Completes $20M Disposition
- Aug 02, 2012
Detroit—BPG Properties Ltd., a private equity fund manager, has completed the sale of Madison at Farmington Hills, a 424-unit community located in suburban Detroit. The property was purchased by Forum Real Estate Group for $20 million. Madison at Farmington Hills is located within 15 minutes of downtown Detroit via I-696.
“Detroit’s economic recovery coupled with heightened investor demand for well-performing apartment communities presented us with a natural opportunity to sell Madison at Farming Hills at favorable terms for our investors,” says Greg Curci, vice president at BPG who was responsible for overseeing the sale.
BPG acquired the asset in 2002 on behalf of BPG Investment Partnership Fund VI LP, a $384,000,000 private equity fund. Amenities at the property include a clubhouse, pool, tennis court and a playground.
BH Properties buys 280-unit asset in Arizona
Phoenix, Ariz.—Los Angeles-based commercial real estate investment firm BH Properties LLC has acquired Smoke Tree Apartments, a 280-unit multifamily property in Phoenix, Ariz., for $7.3 million. The property represents the company’s seventh apartment acquisition in the Phoenix area in the past two years.
“We see Phoenix as a strong growth area for us,” says Andrew Van Tuyle, director of acquisitions at BH Properties. “This property is well located with strong upside potential and will complement our growing multifamily portfolio in Arizona. In fact, we are looking to double the size of our Arizona portfolio over the next 12 months.”
Built in 1975, Smoke Tree Apartments is located at 3161 W Cheryl Dr., just west of the Metrocenter Mall. The asset was 87 percent leased at the time of sale.
Boston Capital Invests in multifamily developments in New York
Gloversville, N.Y.‑Boston Capital is investing in the construction of Gloversville Housing, a 48-unit multifamily development for families in Gloversville, N.Y. and Valatie Senior Housing, a 32-unit multifamily development for seniors in Valatie, N.Y. The developments will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The general partners are 3d Development Group, LLC with non-profit partner, Rivercrest Development Corp. and Kinderhook Development, LLC with non-profit partner, Fulton County Community Heritage Corporation.
“Boston Capital’s commitment to the creation of high-quality, affordable apartment communities is the key to our success and Gloversville Housing and Valatie Senior Housing are examples of that commitment,” said Jack Manning, president and CEO of Boston Capital. “We are pleased to partner with 3d Development Group and Kinderhook Development in the construction of these new properties, expanding the housing options available to individuals, families and seniors in the Gloversville and Valatie areas.”
Boston Capital’s investments in Gloversville Housing and Valatie Senior Housing add 80 units of affordable housing to its apartment portfolio. To date, Boston Capital has invested in nearly 6,270 units of affordable housing in New York.