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Lindley Estes is a business writer for The Free Lance-Star and Fredericksburg.com. This blog is on Fredericksburg-area business. Send an e-mail to Lindley Estes.

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Stafford apartments sold for $83.4 million

An affiliate of Philadelphia-based BPG Properties Ltd. recently purchased two apartment communities off U.S. 17 in Stafford County for $83.4 million, the private equity real estate fund manager announced this week.

BPG purchased the 200-unit Greens at Fall Run and the 476-unit Manor at England Run from a subsidiary of UDR Inc. The communities are about a mile from each other and not far from the Interstate 95 interchange off U.S. 17.

The communities were 95 percent occupied at the time of closing, according to BPG. Madison Apartment Group, BPG’s multi-family operating arm, will manage the communities.

The deal is the latest example of the strength in the local apartment market as the economy improves and more people rent rather than buy their home.

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Permalink: http://news.fredericksburg.com/businessbrowser/2012/03/30/stafford-apartments-sold-for-83-4-million/