"There is so much capital chasing real estate that we don't think it will be a problem at all," Robert M. Behringer, chairman and CEO, tells GlobeSt.com. With the pent-up demand, Behringer and his new president, Robert Aisner, say the soon-to-start search, for now, is staying stateside.

The accredited crowd will be courted as well, but they say the innovation lies in connecting the unaccredited investor to an institutional strategy to buy institutional-quality real estate. The plan is to have the funds break escrow in late May or early June, at which time a handful of closings on properties will start.

The well-known duo knows they're facing stiff competition on the buying circuit since the family of funds is leveled at stabilized properties, for the most part in 24-hour metros, and no threatening lease rollovers. Suburban or urban will fit the mold laid out in the funds, all publicly registered but not publicly traded, Behringer explains. Already, there are letters of intent and offers, ranging from $21 million to $85 million, on several sellers' tables.

The largest pool will be the $800-million Behringer Harvard REIT I Inc., a fund with an eight- to 12-year finite life. The target market is CBD office product, with a hard focus on buying in Boston, Washington, DC, Chicago, Los Angeles, San Diego, San Francisco, Miami and Minneapolis. The fund has the ability for a 55% leverage, which translates to $1.6 billion of buying power for multi-tenant office buildings, Behringer says.

Four letters of intent already have been placed on buildings in Miami, San Diego, Minneapolis and Boston. Aisner and Behringer are looking to longstanding relationships to rope some properties before they reach the market, as was the case with one of the four now under a letter of intent.

The Mid-Term Value Enhancement Fund LP will be a $400-million pool for multi-tenant office in the same markets as the REIT, but pushing the bounds to the suburbs. The un-leveraged fund has a finite life of five to eight years and is considered the lowest risk in the grouping, according to Behringer.

The focus will be properties in the $5-million to $25-million price range. The fund is structured for wholly owned buys or joint ventures. Offers have been placed on suburban office buildings in Minneapolis and Miami, Behringer confides.

The Behringer Harvard Short-Term Opportunistic Fund LP is a $100-million pool with a 75% leverage to pack a $400-million punch. The fund, with a three- to five-year finite life, is targeting product of all type in the Sunbelt. "It really doesn't matter as long as it's opportunistic," Behringer stresses.

Unlike its sister products, the opportunistic fund is not a long-term hold investor. The acquisitions most often will cost between $5 million and $30 million, either wholly owned or joint ventures. One offer is out on a two-tower, multi-tenant office building in Houston.

"I don't think anybody has come out simultaneously with three funds as we have," Behringer says. The family of funds, with different levels of leverage and varying strategies, took nearly 16 months to wind through the process for SEC registrations.