Behringer Harvard Multifamily REIT I, Inc. Enters into Arrangements to Become Self-Managed
- Aug 06, 2013
Dallas—Behringer Harvard Holdings LLC announced that a special committee of the board of directors of Behringer Harvard Multifamily REIT I, Inc. and affiliates of Behringer Harvard, including the REIT’s dedicated advisor and property manager, have entered into contractual arrangements whereby the REIT will begin the process of becoming self-managed.
The self-management transaction has been structured to allow time for the REIT to develop its own internal resources capable of replacing various services currently provided by Behringer Harvard.
The REIT’s management team remains essentially the same, although five executives who have been solely dedicated to the REIT as employees of Behringer Harvard are now employees of the REIT. In addition, Robert S. Aisner, who will remain an employee of Behringer Harvard, will continue in his role as CEO of the REIT until the self-management process is completed, at which time Mark T. Alfieri will become CEO, in addition to retaining those positions he now holds. Operations will continue as usual, and this event is expected to be seamless for the REIT’s shareholders, their financial representatives, residents at the multifamily communities in the REIT’s portfolio and others doing business with the REIT.
Members of the executive management team, previously employed on behalf of Behringer Harvard, who have become employees of the REIT are Mark T. Alfieri, President and chief operating officer; Howard S. Garfield, chief financial officer; Ross P. Odland, senior vice president – portfolio management; Daniel J. Rosenberg, general counsel – securities and risk management; and Margaret M. Daly, senior vice president – property management.
As part of the process, the special committee engaged Alston & Bird LLP as legal counsel and Silver Portal Capital, LLC as financial advisor; Behringer Harvard engaged Jenner & Block LLP as legal counsel and Robert A. Stanger & Co., Inc. as financial advisor.
The portfolio of Behringer Harvard Multifamily REIT I, Inc. includes investments in 55 multifamily communities in 14 states comprising 15,394 apartment homes.