MEMPHIS-Dallas-based Behringer Harvard has bought the Arbors Harbor Town Apartments, a 345-unit multifamily community at 671 Harbor Edge Drive in Downtown Memphis, for $31.5 million. The company purchased a 94% ownership interest in the apartment community through a joint venture between Carter-Haston Real Estate Services Inc. of Nashville and Behringer Harvard Opportunity REIT II Inc.
The community contains 2 clubhouse buildings and 30 three-story apartment buildings. Brokers from CB Richard Ellis Memphis' Multifamily Division negotiated the deal on behalf of the seller. For the full story, go to Memphis Business Journal .
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