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IRVINE, CA-Behringer Harvard Multifamily REIT I of Addison, TX has acquired the 177-unit Calypso apartment complex here from Calypso Lofts LLC for $49 million. The complex, on a 3.7-acre site at 2801 Alton Pkwy. at the intersection of Jamboree Road and Alton Parkway, was developed by Aliso Viejo-based Shea Properties and opened in the spring of 2008, according to a GlobeSt.com report at the time.

A public filing by Behringer Harvard said that it the contract purchase price for Calypso was $49 million, excluding closing costs, and that the buyer expected that the purchase price would be funded from proceeds of its initial public offering. The sale was a direct deal between buyer and seller.

Mark T. Alfieri, chief operating officer of Behringer Harvard Multifamily REIT I, said in a statement regarding the deal that Calypso “fits well with our strategy of acquiring newly constructed multifamily assets in high-growth markets at attractive pricing from an historical perspective.” He adds that the relatively high cost of single-family housing in the surrounding area positions the property for rent growth and value appreciation.

The series of five-story buildings that form the Calypso, which is so-named for a design theme that evokes the Caribbean Islands, was designed by Architects of Orange. The complex features a resort-style pool with spas, a fitness center, and a clubhouse with plasma televisions and a Wi-Fi lounge. The units include studio, one- and two-bedroom apartments ranging from 605 square feet to 1,448 square feet.

Behringer Harvard notes that, in addition to its on-site amenities, the complex is located a half mile from the District at Tuscan Legacy, a one-million-square-foot, open-air entertainment and shopping center. The complex is also directly on Route B of the Irvine Shuttle, less than two miles from the University of California and about seven miles from the Irvine Station on Metrolink’s commuter train line.

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