Park Crest, which was completed in 2008, has an average unit size of1,047 square feet, according to the REIT's filing with the SEC. Themonthly minimum rent is $174,827.62 for the initial term.
This acquisition is the fourth for Behringer Havard, Jason Mattox,chief administrative officer tells GlobeSt.com. He declined to discuss possible further acquisition plans for the region, other than to say the company likes the area's fundamentals. "The DC area has become the largest metro area in terms of number of units invested in for Behringer Harvard," he says. With Park Crest, it now has 1,412 units in the area.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
