Cherry Creekapartments

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.

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."