Behringer Harvard Invests in Las Vegas Loft Apartments

Behringer Harvard announced today that it would invest in the 168-unit Alexan Russell Lofts apartment community in Las Vegas, six miles southeast of the Strip and three miles east of McCarran International Airport. Trammell Crow Residential will develop the 163,000-square-foot property (pictured). TCR developed the Alexan brand as a luxury upscale apartment community for young professionals interested in maintaining liquidity and geographic flexibility for job changes. Alexan properties offer extensive amenities and provide access to employment, shopping, cultural activities and transportation. This is the second TCR Alexan development in which Behringer Harvard has invested. The first is the Alexan Prospect, a 400-unit community in the Central Platte Valley west of the Denver CBD. The Las Vegas Alexan Russell Lofts, which takes its name from its location near the intersection of East Russell Road and Galleria Drive, will offer units averaging 973 square feet with rents ranging from $900 to $1,400. Plans call for loft designs with high-end urban chic accents. Amenities include a fitness facility, barbecues and a pool and spa. The property is expected to open late next year. Behringer Harvard currently operates six investment funds, two of which are currently available for investment.