DALLAS, TX - Behringer Harvard announced today the sale of Waterford Place, a 390-unit multifamily community at 4800 Tassajara Road in Dublin, California approximately 35 miles east of San Francisco. The buyer is an institutional investor.
"At an asset level, the disposition of Waterford Place is a remarkably successful execution of our multifamily platform's investment strategy," said Mr. Mark Alfieri, Chief Operating Officer of Behringer Harvard Multifamily REIT I, Inc.
"Our real estate team identified Waterford Place as an institutional-quality asset that had the potential to provide attractive income as well as capital appreciation for our investors," explained Mr. Alfieri. "We're pleased that this demonstrates the effectiveness of our investment strategy and the value we can create in our multifamily portfolio."
Behringer Harvard Multifamily REIT I, Inc. acquired Waterford Place in September 2009 through a joint venture with PGGM Private Real Estate Fund. Waterford Place is a high-quality, stabilized multifamily community located near the intersection of Interstates 580 and 680 in one of the most desirable cities in Alameda County. Residents are approximately one mile from the Dublin/Pleasanton BART station offering convenient light-rail service to Bay Area employment centers. In addition to proximity to major traffic arteries and public transportation, the community provides convenient access to shopping, restaurants and attractions favored by a young, educated workforce.
With the disposition of Waterford Place, the Behringer Harvard Multifamily REIT I, Inc. portfolio owns investments in 34 communities in 13 states comprising 9,538 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 $11 billion in assets.
Source: Behringer Harvard