DUBLIN, CA-Behringer Harvard has sold Waterford Place—a 390-unit multifamily community at 4800 Tassajara Rd. in Dublin, CA, approximately 35 miles east of San Francisco—to an institutional investor. Although Behringer Harvard and its SEC filings aren’t detailing the price tag or the identity of the buyer, GlobeSt.com has learned from an unidentified source that the community fetched $110 million.
“At an asset level, the disposition of Waterford Place is a remarkably successful execution of our multifamily platform's investment strategy,” says Mark Alfieri, chief operating officer of Behringer Harvard Multifamily REIT I Inc. “Our real estate team identified Waterford Place as an institutional-quality asset that had the potential to provide attractive income as well as capital appreciation for our investors,” Alfieri says. “We’re pleased that this demonstrates the effectiveness of our investment strategy and the value we can create in our multifamily portfolio.”
REIT I Inc. acquired Waterford Place in September 2009 through a joint venture with PGGM Private Real Estate Fund. According to the unidentified source, the company acquired it for approximately $79.7 million at a low point in the market, “making this a great deal for them.”
Waterford Place is a high-quality, stabilized multifamily community located near the intersection of Interstates 580 and 680 in one of the most desirable cities in Alameda County. Residents are approximately one mile from the Dublin/Pleasanton BART station offering convenient light-rail service to Bay Area employment centers. In addition to proximity to major traffic arteries and public transportation, the community provides convenient access to shopping, restaurants and attractions favored by a young, educated workforce.
Brett Betzler, director of Irvine-based Moran & Co., brokered the transaction. With the disposition of Waterford Place, the Behringer Harvard Multifamily REIT I Inc. portfolio owns investments in 34 communities in 13 states comprising 9,538 apartment homes.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
