Behringer Harvard acquired the Cherry Creek property in partnership with PGGM Private Real Estate Fund, an investment vehicle for Dutch pension funds that recently agreed to increase its investment in Behringer Harvard's multifamily portfolio to $300 million, according to a recent SEC filing by Behringer Harvard. PGGM's initial commitment was $100 million in May 2007, followed by an additional $100 million in January 2008.
The 4550 Cherry Creek complex is midway between the Denver metro area's two largest employment centers, Downtown Denver and Denver Tech Center, on a site approximately four miles southeast of the central business district and 30 minutes from Denver International Airport. Mark T. Alfieri, chief operating officer of Behringer Harvard Multifamily REIT I, calls the deal "a quintessential buying opportunity that will provide exceptional value over our anticipated holding period."
The units at Cherry Creek range from one to three bedrooms and from 938 square feet to 1,881 square feet. It is surrounded by high-end homes, high-rise office buildings, upscale condominiums and townhomes. The 26-block district that it is located in features a cultural and entertainment center with 35 art galleries, 50 restaurants and 500 high-end retail shops including Cherry Creek Shopping Center, Cherry Creek North Shopping Center and Clayton Lake Retail Center.
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