Behringer Harvard Announces Investment In Luxury Multifamily Development In Miami Metro Area
DALLAS, Feb. 4, 2013 /PRNewswire/ -- Behringer Harvard announced today its investment in a luxury multifamily community slated for development in Kendall, Florida, a suburban area of Miami-Dade County approximately 25 miles southwest of downtown Miami. The development site is on the south side of Kendall Drive, to the west of SW 167th Avenue.
Behringer Harvard Multifamily REIT I, Inc. has provided mezzanine financing for the construction of a 321-unit apartment community consisting of 12 three-story residential buildings and one three-story, mixed-use building with 7,045 square feet of retail on the ground floor and two floors of one-bedroom and studio apartments above. Construction will begin in February 2013 and is expected to be completed in the third quarter of 2014.
Known as Altis at Kendall Square, the highly amenitized community will be built on a 24.6-acre site within Kendall Commons, a master-planned, 160-acre development featuring a traditional neighborhood design and more than 1,000 planned residential units including multifamily, townhomes and single-family homes."This investment continues our strategy of providing mezzanine financing for high-quality multifamily development communities," said Mr. Mark T. Alfieri, Chief Operating Officer of Behringer Harvard Multifamily REIT I, Inc. "We are pleased that this will be our second project with The Altman Companies, a leading developer based in Boca Raton, Florida." The project will be developed by affiliates of The Altman Companies. Financing for construction of the property will be provided by TD Bank. A freestanding, 5,000-square-foot clubhouse and recreational area will anchor the community. The clubhouse will offer common-area amenities including a movie theater with surround sound, a state-of-the-art fitness center, a cyber cafe, billiard and entertainment rooms, and a kitchen. The pool area will feature a resort-style pool with a large deck and spa, a pool pavilion with an outdoor kitchen, a bar and barbecue grills. An expansive sundeck with pergola will offer relaxing views overlooking a 17.8-acre lake. A separate recreational area will include additional barbecue areas, outdoor tables for dining, a hammock park, a dog park, a beach volleyball court, a children's playground and a community garden.
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