SUGAR LAND, TX-Behringer Harvard has teamed with Arcadian Real Estate Group to acquire the 240-unit Parkside Apartments, a multifamily property located in Fort Bend County, approximately 20 miles southwest of downtown Houston. The joint venture is planning a two-year renovation program to boost common-area amenities and upgrade to unit finishes.

According to the Fort Bend Central Assessment District, the property at 12100 Highway 6 S. was owned by Waypoint Parkside Owner LLC; an entity formed by Waypoint Residential with Juniper Investment Group. The sales price was not disclosed, though the 1998-built property is assessed at $16.2 million. Parkside Apartments was acquired for the portfolio of Behringer Harvard Opportunity REIT II.

“We are pleased to acquire this well-leased community in a supply-constrained submarket on an attractive basis below replacement cost,” says Michael O'Hanlon, CEO of Behringer Harvard's Opportunity Platform. “Texas is an attractive market for institutional investors, and Houston benefits from a strong economy and favorable demographics. We expect Parkside Apartments to provide attractive cash flow and strong upside potential. Our value-added improvement program should further enhance the appeal of this popular community while lifting rents.”