DALLAS, TX - Behringer Harvard announced today its acquisition of San Sebastian, an age-restricted multifamily community, through a strategic alliance with Phoenix-based Alliance Residential. San Sebastian provides 134 apartment homes on a three-acre site at 24299 Paseo de Valencia in Laguna Woods, an affluent area in Orange County, California approximately 35 miles southeast of Los Angeles.
"San Sebastian represents a strategic complement to the substantial presence we are building in the southern California multifamily market," said Mr. Mark T. Alfieri, Chief Operating Officer of Behringer Harvard Multifamily REIT I, Inc. "With its high-end finishes and lush grounds, San Sebastian offers an experience similar to living at a luxury resort. This makes San Sebastian truly unique - there is no other comparable apartment community in the area."
Completed in 2009, San Sebastian will soon begin lease-up. The luxurious Santa Barbara-style community offers vibrant social spaces and a leisurely ambiance designed for active seniors "55 or better" who appreciate resort-style living and a carefree lifestyle. Amenities include a pool and spa, fountain-centered patios with outdoor barbecues, state-of-the-art fitness center, theater-style media room and rooftop terrace with fireside lounge. Apartments are offered in three single-level floor plans with an average of 1,324 square feet each, and most plans provide two bedrooms and two baths. Interior finishes include raised-panel doors with bronze hardware and condo-quality kitchens with granite countertops, stainless steel appliances and maple cabinetry. Stackable, full-size washers and dryers are provided, and handset ceramic tile or wood flooring is available in the kitchen, entry and baths.
The San Sebastian community is immediately surrounded by retail venues including Laguna Hills Mall, grocery stores, restaurants and healthcare facilities including Saddleback Memorial Medical Center. John Wayne Airport is less than 10 miles away, and residents are only six miles from downtown Laguna Beach and the recreational amenities of the Orange County coastline.
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 large Dutch pension funds. Including this most recent investment, the portfolio of Behringer Harvard Multifamily REIT I, Inc. includes investments in 20 multifamily communities in 11 states providing a total of 5,600 apartment homes.
Behringer Harvard creates and manages global institutional-quality investment programs for individual and institutional investors through its real estate investment trusts, joint ventures and proprietary program structures. The company also offers strategic advisory, asset management and capital market solutions. Behringer Harvard has interests in or manages more than $10 billion in assets.
Source: Behringer Harvard