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DALLAS-Behringer Harvard Multifamily REIT I Inc. has jump-started an IPO to raise $2 billion of equity via a common stock sale. The fund targets acquisition, development and investment of high-end multifamily properties in the US.

In a press release issued this morning, the common stock is priced at $10 per share. In addition, up to 50 million shares of common stock in its distribution reinvestment plan is available for $9.50 per share.

Dallas-based Behringer Harvard’s specialty REIT is headed up by Mark T. Alfieri, who joined the company in 2006 as COO to develop a multifamily investment group. The launch comes within weeks of Behringer Harvard’s series of promotions by Robert Behringer, a move reflecting the significance of the office and multifamily sectors import to the operation and the leaders he’s put in place.

An interview wasn’t available by this morning’s deadline. The multifamily REIT was formed in August 2006. In an SEC filing, the REIT reported it owns joint venture interests in three mezzanine loans for affiliates of Fairfield Residential LLC, the guarantor of the three projects. The investment is $32.7 million at the end of the second quarter. Additional details about the REIT’s IPO and investments will be detailed in a subsequent article.

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