Behringer Harvard Sells 408-Unit Property in Florida

Behringer Harvard completes a 408-unit disposition; and Affirmed Housing breaks ground on the second phase of a California development.

Palms of Monterrey

Fort Myers, Fla.—Behringer Harvard has completed the sale of The Palms of Monterrey, a 408-unit community located in Fort Myers, Fla. The property was purchased by Churchill Forge Properties, a Massachusetts-based owner and operator of more than 10,000 multifamily units.

“We have been pleased with the performance of The Palms of Monterrey in terms of its sustained occupancy and net operating income, which exceeded expectations,” says Samuel Gillespie, chief operating officer of Behringer Harvard Opportunity REIT II, Inc.

Gillespie adds that that sale captured a 28 percent return on investment. Behringer Harvard acquired the asset in May 2010 through a joint venture partnership with DeBartolo Development and Christian Tyler Properties LLC. The gated-community was built in 2001 and consists of 17 three-story residential buildings, a clubhouse with a business center, a fitness center with a racquetball facility, a lighted tennis court, a playground, and two heated pools.

Affirmed Housing breaks ground on second phase of Calif. community

Murrieta, Calif.—Affirmed Housing Group has broken ground on the second phase of Monte Vista Apartments. The addition to the community will feature affordable and sustainable apartment homes located in downtown Murrieta.

The 40-unit addition will consist of units ranging from one- to four-bedrooms in size. When complete, the development will make Monte Vista Apartments a 104-unit asset. Residents of the second phase will share the existing pool and common facilities at the community.

“Developing and managing Monte Vista II as a second phase of the Monte Vista Apartments will enable the City of Murrieta to produce additional affordable housing below the cost of a new stand-alone development,” says James Silverwood, president, Affirmed Housing Group. “We believe that this strategy is a win-win for all involved — from residents to tax-payers.”