Behringer Harvard Buys $24.5M Fla. Housing Complex

Law360, New York (October 25, 2011, 6:41 PM EDT) -- Commercial real estate investment company Behringer Harvard on Tuesday announced the $24.5 million acquisition of a 13-building housing complex near Fort Lauderdale, Fla., its second recent investment in the region.

Behringer Harvard teamed up with Grand Peaks Properties to acquire the 280-unit rental property from Florida-based real estate company Advenir, paying $9 million in cash and assuming control of $15.4 million in mortgage debt.

Behringer Harvard took a 92.5 percent stake in the Lakes at Margate complex, while property manager Grand Peaks acquired the remaining 7.5...
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