DALLAS, TX - Behringer Harvard announced today its acquisition of Arbors Harbor Town Apartments (Arbors), a 345-unit multifamily community in downtown Memphis's award-winning Harbor Town development on Mud Island.
The Arbors community offers residents the charm of a pedestrian-friendly, village-scale community combined with convenient proximity to the central business district (CBD) of a large city. The highly desirable location provides easy access to major employment centers in the CBD and medical corridor, eight institutions of higher education, and the extensive retail and entertainment amenities of downtown Memphis.
"Arbors boasts an exceptional infill location on the completely built-out Mud Island, downtown Memphis's strongest apartment submarket," said Mr. Samuel A. Gillespie, Chief Operating Officer of Behringer Harvard's opportunity platform. "We plan to enhance the value of this stabilized asset with an interior and exterior improvement program expected to further enhance its desirability and competitive advantage."
Built in 1991 on a 14.7-acre site at 671 Harbor Edge Drive, Arbors is immediately off Island Drive, the main road traversing Mud Island. The community comprises two phases containing 30 three-story residential buildings and two clubhouse buildings. The cumulative amenities of both clubhouses include three swimming pools with lap-swimming lanes, water volleyball areas and sundecks, lighted tennis courts, a sand volleyball court, grilling and picnic areas, laundry facilities, a car wash and vacuum area, and a 24-hour fitness center. Apartments average 960 square feet and include up to three bedrooms and two and a half baths.
Behringer Harvard acquired a 94 percent ownership interest in Arbors through a joint venture between Behringer Harvard Opportunity REIT II, Inc. and Carter-Haston Real Estate Services, Inc., a Nashville, Tenn.-based owner and operator of garden-style apartment communities that has managed more than 60 apartment communities throughout the Southeast and Midwest United States since 1990 with a total asset value approaching $1 billion.
Behringer Harvard creates and manages global institutional-quality alternative investment programs for individual and institutional investors. Programs sponsored and managed by the Behringer Harvard group of companies have attracted equity of more than $5 billion and made investments into more than $11 billion in assets.