Dutch Fund Invests $100 Million in Texas Real Estate Company’s Apartment Portfolio

By Erin Brereton, Content ManagerAddison, Texas–Dutch pension fund PGGM has agreed to invest $100 million in Addison, Texas-based commercial real estate company Behringer Harvard’s growing portfolio of Class A apartment communities.PGGM initially committed $100 million to the portfolio in May 2007; the new commitment brings its total investment to $200 million. PGGM also has an…

By Erin Brereton, Content ManagerAddison, Texas–Dutch pension fund PGGM has agreed to invest $100 million in Addison, Texas-based commercial real estate company Behringer Harvard’s growing portfolio of Class A apartment communities.PGGM initially committed $100 million to the portfolio in May 2007; the new commitment brings its total investment to $200 million. PGGM also has an option to expand its commitment to $300 million.The funds will allow Harvard to finance and purchase apartment communities from national and regional developers that are planned, currently under construction or recently completed, according to Behringer Harvard Senior Vice President Mark Alfieri.Since PGGM’s initial investment, Behringer Harvard’s multifamily team has completed or is in the final stages of completing transactions involving 11 Class A apartment assets, such as Eldridge at Briar Forest (pictured), a 330-unit luxury apartment community planned for Houston. The gated community will offer a variety of amenities, including a club room, leasing center, swimming pool, game room, theater, fitness and business center.The company has made investments in the metro areas of Washington, D.C., Las Vegas, Atlanta, Dallas and Houston and has additional property closings planned in the Washington, D.C., Fort Lauderdale and Denver areas.”The increase in investment by PGGM in our growing multifamily platform is a further confirmation of their confidence in our ability to assemble an attractive high quality multifamily portfolio,” says Jason Mattox, executive vice president of Behringer Harvard.Behringer Harvard will provide property management, legal and accounting assistance and acquisition, asset management and disposition services for each joint venture.Formed from Behringer Partners and Harvard Property Trust, Inc., Behringer Harvard invests in domestic and international assets and creates and manages real estate fund opportunities for retail investors through its real estate investment trusts, partnerships, joint ventures and proprietary program structures.