A public filing by Behringer Harvard said that it the contract purchase price for Calypso was $49 million, excluding closing costs, and that the buyer expected that the purchase price would be funded from proceeds of its initial public offering.
Mark T. Alfieri, chief operating officer of Behringer Harvard Multifamily REIT I, said in a statement regarding the deal that Calypso "fits well with our strategy of acquiring newly constructed multifamily assets in high-growth markets at attractive pricing from an historical perspective." He adds that the relatively high cost of single-family housing in the surrounding area positions the property for rent growth and value appreciation.
The series of five-story buildings that form the Calypso, which is so-named for a design theme that evokes the Caribbean Islands, was designed by Architects of Orange. The complex features a resort-style pool with spas, a fitness center, and a clubhouse with plasma televisions and a Wi-Fi lounge. The units include studio, one- and two-bedroom apartments ranging from 605 square feet to 1,448 square feet.
Behringer Harvard notes that, in addition to its on-site amenities, the complex is located a half mile from the District at Tuscan Legacy, a one-million-square-foot, open-air entertainment and shopping center. The complex is also directly on Route B of the Irvine Shuttle, less than two miles from the University of California and about seven miles from the Irvine Station on Metrolink's commuter train line.
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