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CHERRY HILL, NJ-Through one of its public non-listed REITs, Behringer Harvard acquired a 308-unit multifamily here for $40 million, marking the Dallas-based investment company’s first apartment purchase in New Jersey.

Behringer Harvard Multifamily REIT I Inc. bought Burrough’s Mill Apartment Homes in a joint venture with PGGM Private Real Estate Fund, a vehicle for real estate investments for large Dutch pension funds. According to an SEC filing, the partners acquired the complex for $40 million from SAF Burroughs Mill LLC.

Jason Mattox, Behringer Harvard’s chief administrative officer, tells GlobeSt.com that the property’s proximity to the Cherry Hill Mall and Center City in Philadelphia made it an attractive buy. “It is an upper-tier community in a dynamic location,” he says. “The area has fairly affluent residents and the demographics support a community like this. It’s the newest community in Cherry Hill.”

Built in 2004, Burrough’s Mill is situated on the north side of Church Road at the intersection of Lenape Road. Designed by award-winning architect Cecil Baker, the gated community consists of 32 two-story residential buildings and a one-story clubhouse.

Sized from 835 to 1,450 square feet, units offer one, two or three bedrooms. Each apartment features a private entrance and more than half offer a direct-access garage. Amenities include a resort-style pool, tennis court, scenic pond and walking trail. The clubhouse features a fitness area with a sauna and business center.

Approximately a quarter of a million people live within a five-mile radius of Burrough’s Mill. Notable employers within six to 10 miles of the complex include Subaru of America; TD Bank, NA; Melitta Coffee; Baxter Healthcare and Pinnacle Foods Corp. Mattox says the complex has a current occupancy of approximately 95%. Residences rent for an average of $1,450, or $1.40 a square foot.

While other property types languish, buyers are snapping up multifamily product. Mattox says that is because multifamily serves two growing demographic groups: the graduating Echo Boomers and their empty-nester parents. “From an investment perspective,” he adds, “there has been constrained supply to date in this space. And if you look at the demographics, it really suggests that multifamily communities could be the recipient of very strong growth once we get through this current downturn.”

In the Garden State, Behringer Harvard REIT I Inc. owns four office properties: the 119,772-square-foot Tice Building in Woodcliff Lake; 600 and 619 Alexander Rd. in Princeton, a two-building facility consisting of 97,447 square feet; and Woodcrest Corporate Center, a 333,275-square-foot complex, also located in Cherry Hill.

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