Behringer Harvard Buys Luxury Apartments in Atlanta

Behringer Harvard, the Dallas-based global investment firm, has bought The Reserve at Lavista Walk, an upscale apartment community of 283 units south of Buckhead in Atlanta. The purchase price was not disclosed.

The Reserve at Lavista Walk Apartments were completed in late 2008 on a 4.4-acre site with a town center concept designed for pedestrians. The complex provides resort-style pools, a fitness center, media center, and cyber cafe, as well as courtyards with formal gardens.

"The property is a premier multifamily community in Atlanta with condominium-quality finishes and stabilized operations. We believe the property is poised for strong future growth," says Mark Alfieri, Chief Operating Officer of Behringer Harvard Multifamily REIT (real estate investment trust) I.

The unit size varies from studios to three bedrooms with two baths. Some apartments have 11-foot ceilings, and a private patio or balcony. The apartments are located within a three-mile radius of major employers including Emory University, the federal Centers for Disease Control and Prevention and Piedmont Healthcare. They also are situated two miles southeast of Lenox Square Mall, a major shopping destination.

Including the Atlanta apartment acquisition, the portfolio of Behringer Harvard Multifamily REIT I includes investments in 31 multifamily communities in 12 states providing a total of 8,732 apartment homes.

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