The Residences at W South Beach Hits $250 Million Dollars in Sales

MIAMI BEACH, FL /PRNewswire/ -- The Residences at W South Beach (top left photo) reports a total of $250 million in sales to date. This noteworthy milestone for the project follows a series of 40 closings between May and September 2011 with prices averaging over $1600-per-square-foot.

The 408-unit oceanfront condo-hotel has consistently maintained its premium price point since the inception of sales in 2006, just prior to the market crash that caused the South Florida real estate bubble to burst and a high percentage of projects to halt efforts.

 Pricing at W South Beach continues to far exceed that of its neighbors, with many of surrounding properties selling at over $1000-per-square-foot.

"I am thrilled with the sales results we are seeing at W South Beach," said David Edelstein (lower right photo), the property's co-owner and developer.

 "We launched this project before the market crashed, worked our way through the worst economic downturn in our lifetime, and have come through it with sustained and well-above average pricing. At the end of the day, we are delivering a truly exceptional product in a remarkable location."

For a complete copy of the company’s news release, please contact:

 Jessica Milton, jmilton@hs-pr.com, or

Vanessa Poskanzer, vanessap@hs-pr.com, both of Harrison & Shriftman, +1-305-534-0008

Web Site: http://www.wsouthbeachresidences.com

Behringer Harvard Announces Sale of Luxury Multifamily Community in Fort Myers, FL

DALLAS,  TX /PRNewswire/ -- Behringer Harvard announced today that it has completed the sale of The Palms of Monterrey (top left photo), a 408-unit, resort-style multifamily community situated on a 28-acre site in Fort Myers, which is on Florida's southwest coast in Lee County, approximately 100 miles south of Tampa.

The buyer was Newton, Massachusetts-based Churchill Forge Properties, Inc., an owner and operator of more than 10,000 units of multifamily housing.

"We have been pleased with the performance of The Palms of Monterrey in terms of its sustained occupancy and net operating income, which exceeded expectations," said Mr. Samuel A. Gillespie (top right photo), Chief Operating Officer of Behringer Harvard Opportunity REIT II, Inc.

 "In addition to these property-level performance factors, heightened investor interest in the multifamily property sector has been compressing cap rates. These conditions combined to make this an opportune time for us to market The Palms of Monterrey and capture an attractive 28 percent return on our investment.*"

Behringer Harvard acquired a fee simple interest in The Palms of Monterrey in May 2010 through a joint venture between Behringer Harvard Opportunity REIT II, Inc., a public non-listed real estate investment trust, and a partnership formed by DeBartolo Development and Christian Tyler Properties, LLC.

Before May 2010, the joint venture held an interest in a promissory note secured by The Palms of Monterrey that was acquired in October 2009 from the Federal Deposit Insurance Corporation, which was acting as receiver for Corus Bank.

"The Palms of Monterrey is an excellent example of our investment strategy at work, from acquisition to disposition," said Mr. Edward Kobel (middle left photo), President and Chief Operating Officer of DeBartolo Development.

"We acquired The Palms of Monterrey during a time when the capital markets had frozen and financing wasn't available.

"Anticipating a decline in single-family housing demand resulting from the foreclosure crisis, we saw this as an exceptional opportunity to buy a first-class multifamily asset at a significant discount. We successfully added value by leveraging our core competencies and ultimately benefiting from rising demand for apartments and the property's excellent location."

For more information, contact our U.S. headquarters toll-free at 866.655.3600 or our European headquarters at 011 49 40 34 9999 90, or visit us online at http://www,behringerharvard.com.

Contacts:

 Barbara Marler of Behringer Harvard, +1-469-341-2312, bmarler@behringerharvard.com;

Nicole Traycoff of Richards Partners for Behringer Harvard, +1-214-891-5751, nicole_traycoff@richards.com

Web Site: http://www.bhfunds.com