posted on December 10, 2010 00:25
Addison-based real estate investment firm Behringer Harvard has purchased the 272-unit Allegro apartment complex off the Dallas North Tollway, less than a mile from its corporate offices. Terms of the transaction weren't disclosed.
The 2-year-old multifamily community in Addison Circle, on a 4.6-acre site at 15750 Spectrum Drive, has access to Dallas Parkway. In addition to the apartments, Behringer Harvard acquired an adjacent 1.2-acre parcel of developable land with frontage on Dallas Parkway.
“The acquisition of Allegro continues our strategy of buying new, core, in-fill apartment communities with luxurious amenities for our residents,” said Mark T. Alfieri, chief operating officer of Behringer Harvard Multifamily REIT I Inc., in a statement.
Acquiring the land gives Behringer Harvard the option of building additional apartment homes, Alfieri said.
The units at Allegro average 1,147 square feet and include one or two bedrooms and baths.
Behringer Harvard is one of the biggest buyers of multifamily properties across the country. Including the Allegro acquisition, Behringer Harvard Multifamily REIT I's portfolio includes investments in 32 multifamily communities in 12 states totaling more than 9,000 apartment units.
12/2/10, Dallas Business Journal, Bill Hethcock