Behringer Harvard Developing Luxury Multifamily

SAN DIEGO-Behringer Harvard Multifamily REIT I, Inc. (the REIT) says construction has begun on a luxury multifamily community in the East Mission Valley submarket of San Diego. The development, tentatively known as Mission Gorge, is the result of a joint venture between the REIT and KNR Mission Gorge, LLC. Cobalt Construction has been hired to build the multifamily community.
When the development project at 6850 Mission Gorge Road is completed in early 2016, it will offer 444 luxury apartment homes. Approximately half of the units will be one-bedroom, one-bath apartments; units with two or three bedrooms and two baths also will be available. Unit sizes will range from 713 to 1,363 square feet.
"We are pleased to be working with the principals of KNR on our first multifamily project in the San Diego market," said Mark Alfieri, president and COO of the REIT. "We expect Mission Gorge to appeal to residents who appreciate the new standard of luxury living that Mission Gorge will offer, as well as the easy access this well-located community will provide to the Mission Valley area and employment centers throughout San Diego."
"We welcome this opportunity to work with the REIT, one of the most respected multifamily owners in the country, to develop this high-quality multifamily community in an incredible city," said Neil Brown, a principal of KNR Mission Gorge and the former chief development officer for Archstone. "We are pleased to start construction on this outstanding development."
Residents of Mission Gorge will enjoy luxurious amenities including resort-style pools and spas, 24-hour sports club, business center, community room with kitchen, game lounge, barbecues, and outdoor media lounge with fireplace and flat-screen television. Units will feature quartz countertops, stainless steel appliances, nine-foot ceilings, walk-in master closets, and full-size washers and dryers.

Behringer Harvard Multifamily REIT I, Inc. (the REIT) is a Dallas-based real estate investment trust that invests in, develops and operates high-quality multifamily communities offering location and lifestyle amenities. The REIT invests in stabilized operating properties and properties in various phases of development, with a focus on communities located in the top 50 Metropolitan Statistical Areas of the United States. The REIT's portfolio includes investments in 56 multifamily communities in 13 states comprising 16,035 apartment homes.

KNR Mission Gorge, LLC is a multifamily development partnership with offices in Irvine, California, and Atlanta, Georgia formed by three former Archstone senior executives shortly after the acquisition of Archstone by Equity Residential and AvalonBay in February 2013. Neil Brown, former chief development officer for Archstone; Rick Lamprecht, former executive vice president of development for Archstone's West Region; and Ken Keefe, former group vice president of development for Archstone established a partnership that will focus on developing apartment communities in select markets in California.