Nice Price for Waterford Place

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.”