Behringer Harvard Invests in Luxury Multifamily Project in Allen
- Sep 29, 2012
Behringer Harvard announced that it has invested in a 444-unit luxury community through its subsidiary Behringer Harvard Multifamily REIT I Inc. The $50 million project is being built in Allen, a suburb approximately 20 miles north of Dallas. Texas Capital Bank is providing the construction loan.
Construction work on the 19-acre multifamily project began in August, with the first units expected to be available for lease in May 2013, according to Multi-Housing News. The project will be developed by TDI Real Estate Holdings L.L.C., in joint venture with Catlyn Capital Corp.
The community will comprise nine residential buildings of three stories each, a separate clubhouse and surface or garage parking options, according to a news release by Behringer Harvard. Common amenities will include access to a 40-mile hike/bike trail, resort-style pool, business center, fitness center, coffee bar, clubhouse and game room, along with exterior courtyards at each building. Additionally, units will feature nine-foot ceilings, hardwood-look flooring, walk-in closets, full-size washers and dryers, and kitchens with islands and designer appliances.
“We believe the community will appeal to young professionals who appreciate high-quality amenities and convenient access to the Hall, Legacy and Granite office parks, as well as other employment centers in North Dallas and Frisco,” says Mark Alfieri, COO of Behringer Harvard Multifamily REIT I Inc.
The Dallas Morning News reported last week that the REIT would be a development partner in a 377-unit apartment community built in Victory Park by Mill Creek Residential Trust.
A Marcus & Millichap report on the apartment market in the Dallas-Fort Worth Metroplex indicates a healthy recovery of the market, with almost 8,100 units coming online in 2012 and a rapidly expanding development pipeline that will deliver more units next year. The analysts add that much of this year’s completions will be in the Plano/Allen/McKinney submarket.
Photo rendering of Fitzhugh Urban Flats multifamily community in Dallas, courtesy of Behringer Harvard
Chart courtesy of Marcus & Millichap