Behringer Harvard Acquires Luxury Apartment Community in Downtown Fort Worth
DALLAS, Aug. 22 /PRNewswire/ — Behringer Harvard announces its acquisition of Firestone Upper West Side, a Class A urban community of luxury apartments located in the vibrant central business district of Fort Worth, Texas. The community blends luxury amenities with a nostalgic architectural style reminiscent of area homes built in the 1920s and 1930s. It was acquired for Behringer Harvard Strategic Opportunity Fund I LP.
Built in 1999 at 1001 West Seventh Street, the community consists of 11 housing units of two to four stories each, providing 350 apartment homes and a total of 327,294 rentable square feet. The centerpiece of the approximately 11-acre development is the original 1929 Firestone Building, which has been restored to its original facade with refurbished interiors and now serves as the property’s community center. Luxury amenities available to residents include a resort-style pool complex, a community center featuring half-court basketball, a well-equipped health club with locker rooms, and an on-site park and pavilion.
“We believe the Firestone acquisition will allow our investors to capitalize on a stable asset with significant upside potential,” said Robert Behringer, chairman and CEO of Behringer Harvard. “We expect this property to continue to be attractive for both residents and potential future investors such as those interested in condominium conversions. Its highly desirable location on the western edge of downtown Fort Worth puts residents within walking distance of Sundance Square and only minutes from Fort Worth’s renowned cultural district.”
Firestone Upper West Side is 97 percent occupied, and management has been retained by Lincoln Property Company of Dallas.
About Behringer Harvard
Behringer Harvard is a national real estate investment sponsor whose family of public and private real estate investment securities are made available through the independent broker dealer community. The company’s investment products include non-listed REITs, real estate limited partnerships, 1031 exchange and other real estate investment programs that generally invest in institutional-quality commercial real estate. Its finite- life, non-listed funds feature defined holding periods and exit strategies and seek to produce attractive returns for their investors through a balance of current yield and capital appreciation. Behringer Harvard is headquartered in the Dallas suburb of Addison, Texas, and is one of the nation’s fastest- growing real estate investment firms. For more information, call 866.655.3600 or visit www.bhfunds.com .
This release contains forward-looking statements relating to the business and financial outlook of Behringer Harvard investments, which are based on our current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from the forward-looking statements contained in this release. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
Source: Behringer Harvard
CONTACT: Katie Myers of Richards-Gravelle, +1-214-891-5842, or
[email protected] , for Behringer Harvard; or Jason Mattox, Senior Vice
President of Behringer Harvard, +1-866-655-3600, or [email protected]
Web site: http://www.bhfunds.com/
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Profile: financial services