DALLAS, TX /PRNewswire/ -- Behringer Harvard announced today its acquisition of a 280-unit, garden-style multifamily community at 5750 Lakeside Drive, immediately east of U.S. Highway 441 in Margate, Florida.
The community, which will be rebranded as Lakes of Margate (middle right photo), comprises 13 apartment buildings of two or three stories each, a clubhouse, and two storage buildings, all constructed in 1986-1987 on a 13.8-acre site 15 miles southeast of Fort Lauderdale-Hollywood International Airport.
"Lakes of Margate is a well-leased multifamily community with a long history of stabilized occupancy in one of Fort Lauderdale's strongest apartment submarkets. This property also offers strong potential for value creation through unit upgrades," said Mr. Samuel A. Gillespie, Chief Operating Officer of Behringer Harvard Opportunity REIT II, Inc.
"We're pleased to pursue a second co-investment project with Grand Peaks Properties, a respected real estate firm with strong experience in strategically acquiring and managing multifamily communities across the country."
Behringer Harvard acquired a 92.5 percent ownership interest in Lakes at Margate, which was purchased for the portfolio of Behringer Harvard Opportunity REIT II, Inc.
Denver-based Grand Peaks Properties acquired a 7.5 percent ownership interest and will assume management of the property. Lakes of Margate was 94 percent leased as of September 30, 2011.
The new owners plan to invest approximately $2.3 million in capital improvements including upgrades to the apartment units.
Contact: Barbara Marler of Behringer Harvard, +1-469-341-2312, bmarler@behringerharvard.com; or Nicole Traycoff of Richards Partners for Behringer Harvard, +1-214-891-5751, nicole_traycoff@richards.com
Web Site: http://www.bhfunds.com/
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