(Read more on the multifamily market.)
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.
He says the company has more than doubled its multifamily platform investments in size each of the past two years. "We finished 2006 with approximately 1,300 units of existing, under construction, or financed luxury apartment properties and approximately 1,300 beds of existing, under construction, or financed student housing beds."
Including this transaction, Behringer Harvard's multifamily properties include approximately 3,500 units and 1,300 beds. At the beginning of the year, Behringer Harvard announced its intention to assemble a class A portfolio of multifamily properties in the US.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
