Madison Apartment Group, the multifamily operating affiliate of Berwind Property Group, purchased six apartment communities spread across North Carolina, Georgia and Florida.
The total value of the transactions was approximately $84 million.
The apartment communities contain 1,640 units and are located in Charlotte, N.C., Macon, Ga., and Fort Myers, Fla.
In addition, MAG will manage the portfolio, and plans to spend approximately $5.1 million in various renovations and upgrades over the next year, including residing and painting, paving, kitchen and bathroom renovations and clubhouse renovations.
Berwind Property Group Ltd. is a Philadelphia-based, privately held real estate investment company.
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