News
Mucho Multifamily? Nada
April 19, 2010
| We've written before that strong interest in multifamily properties has been met by limited supply of quality products in quality locations. It's what the experts keep telling us. This time, Behringer Harvard prez Bob Aisner, who spoke at our breakfast last week. | |||
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| Bob (showing us a small portion of his Red Sox shrine) tells us the Behringer Harvard Multifamily REIT I started at the right time: "We were able to take advantage of sellers who had to sell multifamily because of issues in other parts of their portfolio." Multifamily hasn't had as many problems as other asset classes because buyers can get debt, he adds. For Behringer Harvard, the firm had capital when others didn't. The REIT started buying in California, but now that pricing has increased in the past six months, Bob says, there's a lack of supply, too. | |||
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| Last month, BH Multifamily REIT I acquired The Lofts at Park Crest, a luxury mixed-use development on a 2.7-acre site in the affluent Tysons Corner area of McLean, Va, midway between DC and Dulles Airport. It consists of 131 apartment homes and a 67k SF Harris Teeter supermarket. Bob says sites like this one in the DC area are hard to come by and good long term investments. The REIT got a boost when Dutch fund PFZW (2nd largest pension fund in the Netherlands) invested $300M of its funds with the REIT. | |||
