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DALLAS-In aligning as joint venture partners, Behringer Harvardand PGGM have built in flexibility to theiragreement for the rapid deployment of $100 million inequity. The multifamily investment scope runs the full developmentgamut, including bail-out deals.

Behringer Harvard's been heavily investing this year in class Amultifamily and new student housing, but it's uncertain if anyacquisitions to date will be rolled to the JV, Jason Mattox, theDallas-based investment group's executive vice president, tellsGlobeSt.com. It's also open-ended as to which of the severalBehringer funds will end up with the JV's deeds. There might evenbe more than one, he explains. "The PGGM agreement provides for agreat deal of flexibility in the way that the money is invested,"he says. Unless the strategy is altered, leveraged plays aredestined to reel in about $400 million of real estate.