Property Types Multi-Family
Oct 18, 2007
By: Tonie Auer, Special Correspondent
Dallas-based Behringer Harvard has joined in the redevelopment efforts in Arlington, Va., with an equity investment and financing for the development of the Fairfield at Columbia Village, a 234-unit luxury high-rise multi-family community.
The project is being developed by Fairfield Residential, and will be located on the Columbia Pike approximately four miles west of the Pentagon. Fairfield at Columbia Village (pictured) is a planned 10-story apartment building with underground parking, a luxury clubhouse facility and more than 7,000 square feet of ground-floor retail. Construction has already commenced on the underground parking structure.
For many years, the Columbia Pike Corridor has generally functioned as a "Main Street" for Arlington County. The area had been neglected, but the county’s efforts to revitalize the district includes creating mixed-use development districts; street frontage at a pedestrian scale with ground-floor retail; enhanced public and pedestrian transportation and an enhanced streetscape.
"The location is superb and the Columbia Pike area is getting a big push from retailers and businesses with a resurgence by the right demographic to support a Class A luxury apartment community," Behringer Harvard executive vice president Jason Mattox told CPN today. "The Washington, D.C., area continues to have strong demand and the product fits well with that. Fairfield is a well respected developer and we're happy to partner with them."
No financials were released and no timeline was disclosed for completion of the project.
Earlier this week, IPC U.S. Real Estate Investment Trust shareholders overwhelmingly approved a buyout by Behringer Harvard REIT I Inc., which includes the sale of IPC REIT to Everclear Acquisition Corp., a wholly-owned subsidiary of Texas-based Behringer Harvard, for $1.4 billion.
The IPC REIT assets will significantly increase Behringer Harvard REIT I's portfolio, which includes more than $2.5 billion in 37 office buildings and other assets across the United States. It will also increase Behringer Harvard REIT I’s presence in some markets and provide entry to other markets, including New York, New Jersey, Las Vegas and Tampa/St. Petersburg.
Last month, Behringer Harvard announced that it had invested in a 430-unit luxury apartment community planned by Trammell Crow Residential in Henderson, Nev., and, along with German co-investment partner HCI Capital AG, acquired two office buildings at Overschiestraat 63 and 65 in Amsterdam. And only a day after announcing its intent to buy IPC REIT, the company said it had purchased a 3.2 million-square-foot, four-building office portfolio from Beacon Capital Partners.
By: Tonie Auer, Special Correspondent
Dallas-based Behringer Harvard has joined in the redevelopment efforts in Arlington, Va., with an equity investment and financing for the development of the Fairfield at Columbia Village, a 234-unit luxury high-rise multi-family community.The project is being developed by Fairfield Residential, and will be located on the Columbia Pike approximately four miles west of the Pentagon. Fairfield at Columbia Village (pictured) is a planned 10-story apartment building with underground parking, a luxury clubhouse facility and more than 7,000 square feet of ground-floor retail. Construction has already commenced on the underground parking structure.
For many years, the Columbia Pike Corridor has generally functioned as a "Main Street" for Arlington County. The area had been neglected, but the county’s efforts to revitalize the district includes creating mixed-use development districts; street frontage at a pedestrian scale with ground-floor retail; enhanced public and pedestrian transportation and an enhanced streetscape.
"The location is superb and the Columbia Pike area is getting a big push from retailers and businesses with a resurgence by the right demographic to support a Class A luxury apartment community," Behringer Harvard executive vice president Jason Mattox told CPN today. "The Washington, D.C., area continues to have strong demand and the product fits well with that. Fairfield is a well respected developer and we're happy to partner with them."
No financials were released and no timeline was disclosed for completion of the project.
Earlier this week, IPC U.S. Real Estate Investment Trust shareholders overwhelmingly approved a buyout by Behringer Harvard REIT I Inc., which includes the sale of IPC REIT to Everclear Acquisition Corp., a wholly-owned subsidiary of Texas-based Behringer Harvard, for $1.4 billion.
The IPC REIT assets will significantly increase Behringer Harvard REIT I's portfolio, which includes more than $2.5 billion in 37 office buildings and other assets across the United States. It will also increase Behringer Harvard REIT I’s presence in some markets and provide entry to other markets, including New York, New Jersey, Las Vegas and Tampa/St. Petersburg.
Last month, Behringer Harvard announced that it had invested in a 430-unit luxury apartment community planned by Trammell Crow Residential in Henderson, Nev., and, along with German co-investment partner HCI Capital AG, acquired two office buildings at Overschiestraat 63 and 65 in Amsterdam. And only a day after announcing its intent to buy IPC REIT, the company said it had purchased a 3.2 million-square-foot, four-building office portfolio from Beacon Capital Partners.
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