REIT Finances Pacific Gateway Project

COSTA MESA, CA-Behringer Harvard, via its Behringer Harvard Multifamily REIT I Inc., has invested an undisclosed amount of equity capital for the construction of a 113-unit luxury-apartment community tentatively called Pacific Gateway here. The community will consist of a mid-rise residential building adjacent to a four-story parking facility.

Construction for the project will begin this month and is expected to be completed in the fourth quarter of 2014. The firm declined to tell GlobeSt.com the amount of equity capital is has provided for the project as well as its total anticipated construction costs.

The 2.5-acre development site is on the northwest corner of Bernard St.'s intersection with Harbor Blvd., near the western terminus of Route 55. Developed and constructed by affiliates of Fairfield Residential, the community will offer apartments with up to three bedrooms and two baths, averaging 985 square feet each. Units will feature 9-ft. ceilings, full-size washers and dryers and condominium-quality finishes including granite countertops and stainless-steel appliances. Common-area amenities will include a luxury swimming pool, an outdoor pavilion with fireplace and a business center.

Pacific Gateway will provide convenient access to major employment centers in or near Costa Mesa, Irvine and Santa Ana via Route 55. Nearby retail, restaurant and nightlife venues include South Coast Plaza, a 2.7-million-square-foot luxury retail center, which is 3 miles from the community.

This latest investment is among Behringer Harvard Multifamily REIT I's investments in 52 multifamily communities in 14 states comprising 14,374 apartment homes. As GlobeSt.com reported earlier this month, the Dallas-based firm has provided equity capital for Seven RIO, a 220-unit luxury high-rise multifamily community slated for development in the West Sixth Street District of downtown Austin. The development site is on West Seventh St., on the northeast corner of its intersection with Rio Grande. Construction of the 24-story luxury tower begins this month.