A spokeswoman for the Newtown Square, PA-based Balfour Beatty says the transaction is divided into two phases, with the first phase involving property management of the existing units and the second phase covering a five-year period of design development. She says the 420-unit first phase, acquired from Realm Holdings Inc. is 94% occupied. The Austin, TX-based Realm Holdings completed the phase in 2000.

"This latest transaction adds to our successful track record of working with the military to complete financial restructurings of existing projects. Having implemented a seamless transition for residents of Phase I of the Lackland project, we look forward to continuing to improve the quality of life of Airmen and their families with the commencement of Phase II," says Bruce Robinson, president and CEO of Balfour Beatty in a prepared statement about the transaction.

The spokeswoman tells GlobeSt.com that Balfour Beatty has three other properties in Texas and 17 projects throughout the United States on 44 sites. The Texas holdings include Fort Bliss near El Paso; Sheppard Air Force Base in Wichita Falls and the Naval Air Station/Joint Reserve Base in Fort Worth. The Lackland project fits nicely into Balfour Beatty's portfolio, she adds, because military housing is the company's expertise and core business.