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ORANGE, CT-Behringer Harvard Multifamily REIT I is purchasing 75 Prindle Hill Rd., a 168-unit multifamily property here. Behringer Harvard would not disclose the purchase price or the seller, however an SEC filing registers the sale price as $25.5 million, paid to the former owner AvalonBay Communities, Inc.

The property is located on 9.6 acres and boasts a 97% occupancy at the time of sale. The community, formerly the self-titled Avalon Orange, is being rebranded as the vino-sounding moniker Grand Reserve Orange. The Grand Reserve is composed of six three-story residential buildings.

Jason Mattox of Behringer Harvard tells GlobeSt.com that 75 Prindle is a stabilized property with traditionally high occupancy, making it a strong edition to the portfolio. Particularly, Mattox emphasized that it was “difficult to build new supply in the area,” which primarily single-room apartments and housing, making it hard to put multifamily in place.

The Grand Reserve hosts one-, two- and three-bedroom apartments, each with a private patio or balcony. The Behringer Harvard Multifamily REIT I, Inc. portfolio includes 17 multifamily communities in 10 states with a total of 4,937 apartments.

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