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. The sale was a direct deal between buyer and seller.
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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