Home > Good properties to buy, Uncategorized > Acquired Briar Forest Lofts, 352 apartments in Westchase

Acquired Briar Forest Lofts, 352 apartments in Westchase

Commercial real estate firm Behringer Harvard has acquired Briar Forest Lofts, a 352-apartment home community located in Westchase, for an undisclosed amount.

The deal 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.

In addition, Behringer Harvard also acquired Fitzhugh Urban Flats, a luxury multifamily community in Dallas.

Behringer Harvard did not say who it purchased the properties from.

Located on 5.77 acres at 13202 Briar Forest Drive, Briar Forest Lofts were built in 2008. The apartment homes average 901 square feet.

“Both of these exceptional communities offer luxurious amenities, the appeal of high-quality new construction and desirable locations near key employment centers,” said Mark T. Alfieri, chief operating officer of Behringer Harvard Multifamily REIT I Inc. in a statement.

The Houston property is approaching stabilization, he said.

“ We believe these properties offer good upside potential as the economy continues to improve and rents rebound,” added Alfieri.

The multifamily communities will be added to Behringer Harvard’s growing portfolio of multi-tenant commercial real estate properties.

Behringer Harvard has U.S. headquarters in Addison and international headquarters in Hamburg, Germany. It currently manages or has a stake in approximately $10 billion in commercial assets.

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