Behringer Harvard Invests in Allen, TX Multifamily Development
Behringer Harvard has invested in a 444-unit luxury multifamily community slated for development in Allen, TX, a suburb approximately 20 miles north of Dallas.
Behringer Harvard Multifamily REIT I, Inc. has provided mezzanine financing for the construction of the multifamily community, which began in August 2012.
The 19-acre site at 1300 N. Custer Road is on the northeast corner of Custer Road and Ridgeview Drive, just south of the Sam Rayburn Tollway (formerly known as State Highway 121). The first units are expected to be available for lease in May 2013.
The project will be developed by TDI Real Estate Holdings LLC, a real estate investment firm that focuses on multifamily assets, through a joint venture with Catlyn Capital Corp. TDI is based in Irving, Texas. Financing for the construction of the property will be provided by Texas Capital Bank.
The community will comprise nine residential buildings of three stories each, a separate clubhouse, and surface or garage parking options.
Common amenities will include access to a 40-mile hike/bike trail, resort-style pool, business center, fitness center, coffee bar, clubhouse, game room, exterior courtyards at each building, and attached and detached garages.
The apartment homes will offer from one to three bedrooms, up to two baths, and an average of 943 square feet each. Units will feature nine-foot ceilings, hardwood-look flooring, walk-in closets, full-size washers and dryers, and kitchens with islands and designer appliances.
Shopping, cultural and professional-sports venues are nearby, as are traffic arteries including the Sam Rayburn Tollway, U.S. Highway 75, Dallas North Tollway, and President George Bush Turnpike.
This investment was made through a joint venture between Behringer Harvard Multifamily REIT I, Inc. and PGGM Private Real Estate Fund, an investment vehicle for Dutch pension funds. The portfolio of Behringer Harvard Multifamily REIT I, Inc. includes investments in 48 multifamily communities in 14 states comprising 13,013 apartment homes.