Behringer Harvard Pays $48M for 132-Unit Apartment Complex

CONCORD, CA-Dallas-based Behringer Harvard has acquired the 132-unit Renaissance apartment complex at 1825 Galindo St. and an adjacent 2.7-acre land parcel from from Pleasanton, CA-based Signature Properties for $47.65 million in a deal brokered by ARA’s San Francisco office. Behringer Harvard did not disclose the seller or the price in its announcement of the acquisition, but principal John McCulloch of ARA’s San Francisco office, who represented the seller along with principal Curtis Gardner of the company’s San Francisco office, confirms to GlobeSt.com that the property sold for $47.65 million. “This was a very competitive bidding process,” McCulloch tells GlobeSt.com.

Behringer Harvard acquired the asset via its Behringer Harvard Multifamily REIT I Inc., a non-traded REIT. It made the investment through a joint venture with PGGM Private Real Estate Fund, an investment vehicle for Dutch pension funds. The REIT notes that the adjacent 2.7-acre land parcel is slated for future development.