Behringer Harvard announced this week that is had acquired the Arbors in Memphis, TN for $31.5 million according to a Memphis Business Journal article. Behringer Harvard acquired a 94% interest in Arbors through a joint venture between Behringer Harvard Opportunity REIT II, Inc. and Carter-Haston Real Estate Services, Inc. Behringer Harvard bought into the deal with $470,000 of the $500,000 earnest money and $29.1 million of the total acquisition cost, according to an SEC filing.
"Arbors boasts an exceptional infill location on the completely built-out Mud Island, downtown Memphis's strongest apartment submarket," said Mr. Samuel A. Gillespie, Chief Operating Officer of Behringer Harvard's opportunity platform. "We plan to enhance the value of this stabilized asset with an interior and exterior improvement program expected to further enhance its desirability and competitive advantage."
Built in 1991 on a 14.7-acre site at 671 Harbor Edge Drive, the 345-unit multifamily community comprises two phases containing 30 three-story residential buildings and two clubhouse buildings. The cumulative amenities of both clubhouses include three swimming pools, water volleyball areas and sundecks, lighted tennis courts, a sand volleyball court, grilling and picnic areas, laundry facilities, a car wash and vacuum area, and a 24-hour fitness center.
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