Wednesday, February 29, 2012

Behringer Harvard plans to sell stakes in rental communities

Behringer Harvard
The Fitzhugh Urban Flats apartments in East Dallas are included in a large apartment investment deal in the works.
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Addison-based real estate investor Behringer Harvard is working on a deal to sell a stake in 18 of its apartment properties — including a Dallas project.
Behringer Harvard Multifamily REIT I Inc., in filings with the Securities and Exchange Commission, said it has agreed to sell joint venture interests in the apartment communities to Milky Way Partners LP.
Milky Way Partners is a venture of Chicago-based Heitman LLC and a Korean pension fund.
As part of its planned transaction with the investors, Behringer Harvard disclosed that it hopes to sell an undisclosed interest in its Fitzhugh Urban Flats apartments in East Dallas.
Last year, Behringer Harvard bought the 452-unit rental community on Fitzhugh Avenue for $49.75 million.
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