Behringer Harvard Purchases Stone Gate
Built in 2007, Stone Gate community comprises 12 residential buildings and a central clubhouse. It is located directly off Interstate 495 just north of its intersection with the Massachusetts Turnpike (Interstate 90).
The apartment homes at Stone Gate, average 995 square feet each. The area surrounding Stone Gate, known as the Massachusetts Technology Belt, is the home of numerous corporations attracted to the area's pro-business philosophy.
The apartment homes are offered in six floor plans with up to three bedrooms and two baths. All units feature nine-foot ceilings with crown molding in the living and dining areas, deluxe kitchens with designer black appliances, custom cabinetry and generous pantries, and baths with garden-style soaking tubs.
A joint venture comprising Behringer Harvard Multifamily REIT I and PGGM Private Real Estate Fund, an investment vehicle for Dutch pension funds, have made the investment for this acquisition.
Mark Alfieri, COO of Behringer Harvard Multifamily REIT I, said: â€œStone Gate is a stabilized luxury multifamily community that presented us with an attractive opportunity to increase our presence in the Boston metro. Stone Gate also is consistent with our focus on acquiring recently constructed luxury apartments in locations that present strong opportunity for rent growth and value appreciation.â€
In April 2011, Behringer Harvard has acquired two student housing communities less than two miles from the University of Georgia campus in Athens, Georgia approximately 60 miles northeast of downtown Atlanta.
Behringer creates and manages strategic real estate investment program opportunities across a wide spectrum of investment styles for retail investors, as well as domestic and international institutions, through its real estate investment trusts, partnerships, joint ventures, and proprietary program structures.
Will the purchase benefit Behringer?
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