JV Snags 308-Unit Philly-Area M-F Complex
- Sep 22, 2009
A joint venture between Behringer Harvard REIT I Inc. and PGGM Private Real Estate Fund has acquired a 308-unit multi-family community in Cherry Hill, N.J., about seven miles east of central Philadelphia. The property, known as Burrough’s Mill, was completed in 2004, and is located across the street from the 1 million-square-foot Cherry Hill Mall. The gated community consists of 32 two-story residential buildings and a clubhouse. The one-, two- and three- bedroom units measure between 835 and 1,450 square feet.
“Burrough’s Mill is the newest multi-family community in Cherry Hill, a highly desirable submarket that has experienced resilient population growth for years. We expect this core asset to provide stable operating performance and consistent rent growth over the coming years,” said Mark Alfieri, COO of Behringer Harvard Multifamily REIT I.