Source: Behringer Harvard / #Multifamily #Apartments
DALLAS, TX - Behringer Harvard announced that it has sold Mariposa Lofts Apartments, a contemporary, 253-unit multifamily community in a central location two miles east of Atlanta's city center.
"Although we are still compiling our multifamily REIT portfolio, we decided to pursue an unexpected opportunity to sell Mariposa Lofts and capture attractive value for our shareholders," said Mr. Mark T. Alfieri, Chief Operating Officer of Behringer Harvard Multifamily REIT I, Inc.
"We're pleased that this disposition validates our strategy of investing in core, urban infill areas of our country's most dynamic metros," Mr. Alfieri said. "I believe this sale bodes well for our investors because it demonstrates that the multifamily portfolio we've built so far has strong potential to provide meaningful returns."
Mariposa Lofts was acquired by Behringer Harvard Multifamily REIT I, Inc. in September 2009. Built on a five-acre site at 100 Montag Circle in 2004, the community consists of eight mid-rise residential buildings providing 246,355 square feet of rentable space. Amenities include a resort-style pool and sauna, landscaped courtyards, and a clubhouse featuring stained concrete floors and expansive window walls. The clubhouse includes a fitness center, a business center, and media and game rooms.
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.