Behringer Harvard announced last week its acquisition of multifamily communities in two Texas metro areas: Briar Forest Lofts in Houston and Fitzhugh Urban Flats in Dallas. Both investments were made through a joint venture between Behringer Harvard Multifamily REIT I, Inc. and PGGM Private Real Estate Fund, an investment vehicle for Dutch pension funds.
“Both of these exceptional communities offer luxurious amenities, the appeal of high-quality new construction and desirable locations near key employment centers,” says Mr. Mark T. Alfieri, Chief Operating Officer of Behringer Harvard Multifamily REIT I, Inc. “Occupancy at the Dallas community is already stabilized, and the Houston property is approaching stabilization. We believe these properties offer good upside potential as the economy continues to improve and rents rebound.”
The population of Houston continues to grow at twice the average national rate as young professionals are drawn to the metro’s warm climate, low cost of living and competitive wages, according to Property and Portfolio Research. Houston is home to 23 Fortune 500 companies; many are energy-related and based in west Houston’s Energy Corridor, a concentration of 31 million square feet of office space that surrounds Briar Forest Lofts.
Constructed in 2008 at 13202 Briar Forest Drive, the Briar Forest Lofts community is two miles south of Interstate 10 between Beltway 8 and Grand Parkway. The 5.77-acre Briar Forest Lofts community consists of a four-story building wrapped around a five-story parking garage with direct access. Residents enjoy a state-of-the-art fitness center and conference room as well as a clubhouse with art gallery, media room, wine cellar, Internet cafe, juice bar and poker room. Common-area amenities also include two swimming pools, three recreational courtyards, an outdoor lounge and Wi-Fi connectivity.
The Briar Forest Lofts community offers pet-friendly apartment homes averaging 901 square feet with one or two bedrooms and baths. Interior finishes include hardwood floors, granite countertops, stainless steel appliances and upgraded appliances and cabinetry. The living areas and bedrooms feature 10-foot ceilings, designer light fixtures and ceiling fans. Kitchen islands and separate showers are available in selected units.
Immediately adjacent to Briar Forest Lofts is a retail center – anchored by a new LA Fitness facility – that includes a Bank of Texas, a Starbucks and multiple casual restaurants. A Kroger grocery store anchors a shopping center west of the community that includes a Walgreens drugstore as well as additional retail and restaurants. Six schools, both public and private, are within walking distance of the community.
In Dallas, Fitzhugh Urban Flats provide 452 apartment homes. Fitzhugh Urban Flats is located near the Uptown and Knox-Henderson areas approximately three miles northeast of Dallas’s central business district. Fitzhugh Urban Flats represents upscale, high-density urban living in one of Dallas’ hottest redevelopment areas. Its transit-oriented location and upscale amenities have been attractive to sophisticated young professionals, and the newly constructed community has already achieved leasing stabilization.
To see the Fitzhugh Urban Flats, go to: www.fitzhughurbanflats.com
For more of the Briar Forest Lofts, vist: www.livebriarforestlofts.com
For more on Behringer Harvard, visit: www.bhfunds.com