DEAL OF THE DAY: Behringer Harvard Acquires Town Center-Style Property Built in 2008
Atlanta-- Behringer Harvard acquired The Reserve at Lavista Walk, a luxury multifamily community comprising 283 apartment homes located immediately south of the exclusive Buckhead district near major employment centers in Midtown and Downtown Atlanta.
Atlanta– Behringer Harvard acquired The Reserve at Lavista Walk, a luxury multifamily community comprising 283 apartment homes located south of the Buckhead district.
“The Reserve at Lavista Walk benefits from an excellent infill location near significant centers of employment. The property is a premier multifamily community in Atlanta with condominium-quality finishes and stabilized operations. We believe the property is poised for strong future growth,” says Mr. Mark T. Alfieri, Chief Operating Officer of Behringer Harvard Multifamily REIT I Inc.
Construction of The Reserve at Lavista Walk Apartments was completed in late 2008 on a 4.4-acre site at 1155 Lavista Road NE. The architectural plan employed a town-center concept designed for pedestrians.
Amenities include resort-style lap and lounge swimming pools, an Internet cyber cafe and business center. Outdoor amenities include a grill cabana, a courtyard living room featuring cooking and dining areas, and three additional courtyards with formal gardens.
The homes at The Reserve at Lavista Walk average approximately 953 square feet. Residents may select from studio apartments or units with up to three bedrooms and two baths. Select apartments feature 11-foot ceilings, a private patio or balcony, hardwood floors, and a breakfast bar or built-in writing desk.
The Buckhead district near the property attracts young professionals. Within three miles of the property are Emory University and Emory Healthcare, the Centers for Disease Control and Prevention and Piedmont Healthcare, which collectively employ approximately 34,000 people.
The Lindbergh station for the Metropolitan Atlanta Rapid Transit Authority (MARTA) is two miles to the west. The property also is immediately accessible to Interstates 85 and 75 and Georgia State Route 400.
The Reserve at Lavista Walk also is two miles southeast of Lenox Square Mall, one of the hottest shopping destinations in the Southeast, Phipps Plaza, another premium mall, and Cheshire Square Shopping Center.
Including this most recent investment, the portfolio of Behringer Harvard Multifamily REIT I Inc. includes investments in 31 multifamily communities in 12 states providing a total of 8,732 apartment homes.