Behringer Harvard Closes $53M Apartment Buy

DENVER-Behringer Harvard Multifamily REIT I has closed on its previously reported $53 million acquisition of the Cherry Creek apartments , a 24-story, 288-unit project at 4550 Cherry Creek South Dr. The Dallas-based investment firm acquired the property from New York City-based Sentinel Real Estate, which bought the property from Hanover Co. in 2005 for $75 million and had planned to convert the building to condominiums but never did, according to the previous GlobeSt.com report on the deal.

Behringer Harvard acquired the Cherry Creek property in partnership with PGGM Private Real Estate Fund, an investment vehicle for Dutch pension funds that recently agreed to increase its investment in Behringer Harvard’s multifamily portfolio to $300 million, according to a recent SEC filing by Behringer Harvard. PGGM’s initial commitment was $100 million in May 2007, followed by an additional $100 million in January 2008.