Cherry Creekapartments

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Behringer Harvard acquired the Cherry Creek property inpartnership with PGGM Private Real Estate Fund, an investmentvehicle for Dutch pension funds that recently agreed to increaseits investment in Behringer Harvard's multifamily portfolio to $300million, according to a recent SEC filing by Behringer Harvard.PGGM's initial commitment was $100 million in May 2007,followed by an additional $100 million in January 2008.

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The 4550 Cherry Creek complex is midway between the Denver metroarea's two largest employment centers, Downtown Denver and DenverTech Center, on a site approximately four miles southeast of thecentral business district and 30 minutes from Denver InternationalAirport. Mark T. Alfieri, chief operating officer of BehringerHarvard Multifamily REIT I, calls the deal "a quintessential buyingopportunity that will provide exceptional value over ouranticipated holding period."

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The units at Cherry Creek range from one to three bedrooms andfrom 938 square feet to 1,881 square feet. It is surrounded byhigh-end homes, high-rise office buildings, upscale condominiumsand townhomes. The 26-block district that it is located in featuresa cultural and entertainment center with 35 art galleries, 50restaurants and 500 high-end retail shops including Cherry CreekShopping Center, Cherry Creek North Shopping Center and ClaytonLake Retail Center.

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