Deal-maker
Arguably the most active buyer over the past year has been Addison, Tex.-based Behringer Harvard. Formed in 2001 by Robert Behringer, the company has about $10 billion in assets under management through its various non-traded REITs, private partnerships and other affiliates.
The company has been taking advantage of weakness in the apartment market, buying recently constructed Class A apartment and condo product with more than 100 units in core locations and uncompleted busted condo properties, in some cases closing with all cash and placing debt with Fannie Mae and Freddie Mac after close of escrow.
"The market has been providing opportunities and we are looking at attractive investments with good value for the long term," said Chief Administrative Officer Jason Mattox, who has worked for investment groups sponsored by Robert Behringer for more than 13 years.
According to Mattox, the company targets urban and oftentimes transit-oriented multifamily assets with green attributes and luxurious amenities in areas boasting highincomedemographics. The company has been particularly active in California.
As of January 25, 2010, Behringer Harvard's multifamily platform includes investments in 30 communities in 11 states with a total of 8,325 apartment homes. PGGM Private Real Estate Fund, an investment vehicle for Dutch pension funds, has co-invested with Behringer Harvard in 18 of those multifamily communities.
This aggressive buying campaign owes its success in part to the capital-raising capabilities and industry
