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ARLINGTON, VA-Behringer Harvard is investing in the ongoing development of a 234-unit luxury apartment building here. It is the second investment in the area's multifamily market that the Dallas-based REIT has made. Earlier this year, Behringer Harvard, Brookfield Real Estate Opportunity Fund and Fairfield Residential were all kicking in differing amounts of funding or equity to build what an industry source says will be a $100-million-plus, 414-unit project called Fairfield at Bailey's Crossroads.

Its latest investment here--an equity investment and financing for the project--is to support the development of Fairfield at Columbia Village, a mixed-use multifamily with underground parking, a clubhouse and more than 7,000 sf of ground-floor retail. Construction has already begun on the underground parking. Behringer has partnered with Fairfield Residential to develop Fairfield at Columbia Village. It will be located on Columbia Pike between S. Jefferson Street and S. Frederick Street. Behringer would not release financial details behind its transaction.

Jason Mattox, EVP of Behringer Harvard, tells GlobeSt.com that the deal represents the REIT's bullish outlook on fundamentals in the DC area. It also is emblematic of the company's growing portfolio of multifamily investments.