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Behringer Harvard Picks Up Cherry Hill Apartments

CHERRY HILL, NJ-Through one of its public non-listed REITs, Behringer Harvard acquired a 308-unit multifamily community here for $40 million.

By Maria Wood | Updated on September 28, 2009

CHERRY HILL, NJ-Through one of its public non-listed REITs, Behringer Harvard acquired a 308-unit multifamily here for $40 million, marking the Dallas-based investment company’s first apartment purchase in New Jersey.

Behringer Harvard Multifamily REIT I Inc. bought Burrough’s Mill Apartment Homes in a joint venture with PGGM Private Real Estate Fund, a vehicle for real estate investments for large Dutch pension funds. According to an SEC filing, the partners acquired the complex for $40 million from SAF Burroughs Mill LLC.

Jason Mattox, Behringer Harvard’s chief administrative officer, tells GlobeSt.com that the property’s proximity to the Cherry Hill Mall and Center City in Philadelphia made it an attractive buy. “It is an upper-tier community in a dynamic location,” he says. “The area has fairly affluent residents and the demographics support a community like this. It’s the newest community in Cherry Hill.”

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