BOSTON-Berkshire Income Realty, Inc. has entered into a limited partnership agreement with an affiliate that will limit the newly formed REIT's ability to acquire additional properties over a specified time period, but will provide for the unlimited sale of existing properties. The agreement also allows Berkshire to reinvest the proceeds from the sale of its properties using tax deferred exchanges.
The investment in Berkshire Multifamily Value Fund LP, whose investment strategy is to acquire middle-market multifamily, value-added assets, was approved by the audit committee of the Boston-based Berkshire's Board of Directors. Under the terms of the agreement, Berkshire, together with certain other affiliates, will invest the lesser of up to $25 million, or 10%, of the partnership's total capital of the partnership.
Berkshire currently owns interests in 23 apartment communities in Baltimore, Washington, DC, Virginia, Houston, Dallas and Austin, TX, Chicago, Ft. Lauderdale, FL and Charlotte, NC. Berkshire officials declined comment on the partnership agreement when contacted by GlobeSt.com.
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