Mid-Rise Multifamily Community Changes Hands

DENVER-Behringer Harvard has acquired 7166 at Belmar, a mid-rise apartment complex of 308 units at 7166 W. Custer Ave. The community is located in the recently developed Belmar district that serves as the new downtown area for Lakewood, CO.
“This luxury mid-rise multifamily community provides excellent access to key employers in downtown Denver and the Federal Center, home of the largest concentration of federal agencies outside our nation’s capital,” says Mark Alfieri, COO of Behringer Harvard Multifamily REIT I, Inc. in a prepared statement. “We believe this desirable community in the amenity-rich Belmar district will appeal to the high concentration of young, well-educated professionals that Denver continues to attract.”
Constructed in 2008, the gated community consists of two, four/five-story buildings and a private parking structure. Apartment homes range in size from 679 square feet to 1,367 square feet with one, two or three bedrooms and baths. Within walking distance of the apartment community is Belmar, a master-planned redevelopment project encompassing 22 city blocks that combines upscale retail, restaurants, theaters, offices and parks.

This investment was made through a joint venture between Behringer Harvard Multifamily REIT I Inc. and PGGM Private Real Estate Fund, an investment vehicle for Dutch pension funds. Behringer Harvard tells GlobeSt.com that it cannot disclose the purchase price “as a matter of practice.” Including this most recent investment, the portfolio of Behringer Harvard Multifamily REIT I, Inc. includes investments in 24 multifamily communities in 11 states providing a total of 6,604 apartments.