Behringer Harvard Announces Finance and Acquisition Plan for Luxury Apartment Community in Dallas |
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By: Behringer Harvard Posted: 2007-04-15 06:34:41 |
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Behringer Harvard announced today that it is partnering with Greystar Development and Construction, one of the nation's largest multifamily developers, for the development of The Plaza on Lovers Lane, a 155-unit, Class A apartment community in Dallas. Behringer Harvard is providing mezzanine financing and has secured an opportunity to purchase the development after completion.
"The project at Lovers Lane is part of a major residential redevelopment push in East Dallas, and is particularly attractive because of its proximity to downtown, uptown and the Park Cities areas," said Mark Alfieri, senior vice president-real estate for Behringer Harvard. "We believe that this outstanding development opportunity will enhance our portfolio for our investors." The mezzanine loan will fund the acquisition of the existing complex on the site and the future construction of a new 155-unit apartment community, currently planned to start in early 2008. "The east side of Central Expressway between Mockingbird and Northwest Highway is seeing a number of revitalization initiatives that include successful mixed use development and the opening of a Central Market at Lovers Lane and Greenville Avenue," said Alfieri. "Our location at the intersection of Lovers Lane and Skillman Avenue is ideally positioned for future residents to take full advantage of the area's dramatic change." At completion, the fully gated project intends to offer townhomes with individual front entrances with walk-up front stoops, providing a Georgetown-style traditional neighborhood feel. Current plans call for The Plaza on Lovers Lane to have an average rental unit size of approximately 1,350 square feet. Planned unit finishes include wood floors, granite counter-tops, 42-inch upper cabinets, and stainless steel front appliances. Amenities such as a resort-style swimming pool, outdoor living area with a fire pit and California kitchen, and a resident fitness center are also anticipated. About Behringer Harvard Behringer Harvard is an integrated commercial real estate company investing in assets domestically and internationally. The company offers strategic real estate fund opportunities across a wide spectrum of investment styles for retail investors, as well as domestic and international institutions, through its real estate investment trusts, partnerships, joint ventures and proprietary program structures. For more information, call toll- free 866.655.3600 or visit http://www.behringerharvard.com . |
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