EX-99.1
2
a10-6623_1ex99d1.htm
EX-99.1
Exhibit 99.1
Behringer
Harvard Acquires Luxury Mixed-Use
Development in Washington, D.C. Metro Area
DALLAS, March 19,
2010
- Behringer
Harvard announced today its acquisition of The Lofts at Park Crest, a luxury
mixed-use development consisting of 131 apartment homes and a
66,600-square-foot Harris Teeter Food Market. The Lofts at Park Crest is
located on a 2.7-acre site at 8210 Crestwood Heights Drive
in the affluent Tysons Corner area of McLean, Virginia. Tysons Corner, which
serves as the central
business district of Fairfax County, is approximately midway between
Washington, D.C. and Dulles Airport.
"The Lofts at Park Crest
is a high-quality apartment community that truly has no equal in the exclusive
area of Tysons Corner", said Mr. Mark T. Alfieri, Chief Operating Officer
of Behringer Harvard Multifamily REIT I, Inc. "We believe this luxurious
community with on-site retail will have long-term appeal for affluent
professionals who appreciate fine living in close proximity to major employment
centers and the nation's capital".
Completed in 2008, the
stabilized, seven-story property in Tysons Corner features resort-style
amenities. Residents have on-site access to a full-service Starbucks coffee
shop and a Harris Teeter grocery store with pharmacy. Founded in 1960, Harris Teeter
had sales of more than $4 billion in 2009 and employs 21,000 associates at
stores in North Carolina, South Carolina, Virginia, Georgia, Tennessee,
Maryland, Delaware, Florida, and the District of Columbia.
Amenities
for residents of The Lofts at Park Crest include 24-hour concierge service at
the front desk, a 3,000-square-foot athletic club and a resort-class rooftop
pool with sun terrace. The apartments feature one or two bedrooms and baths,
11-foot ceilings with floor-to-ceiling windows, hardwood floors, spa-inspired
showers and soaking tubs, gourmet kitchens with stainless-steel appliances,
custom wood cabinetry and granite countertops, full-sized washers and dryers
and private terraces and balconies.
Tysons Corner is the
largest employment center in Virginia and its per-capita income exceeds the
Virginia average by approximately one-third. Located 14 miles east of Dulles
Airport, Tysons Corner boasts 26 million square feet of office space and the
largest concentration of office properties in northern Virginia. One of the
best shopping experiences on the East Coast is provided by more than three
million square feet of retail space, including the upscale Tysons Galleria and
Tysons Corner Center, the eleventh-largest shopping mall in America. Tysons
Corner also offers convenient access to the Capital Beltway, Interstate 66 and
the Dulles Access Road. A $4 billion, 24-mile extension of Metrorail's new
Silver Line is expected to extend through Tysons Corner by 2012, enhancing the
convenience of commuting within the region.
Including
this most recent investment, the portfolio of Behringer Harvard Multifamily
REIT I, Inc. includes investments in 23 multifamily communities in 11
states providing a total of 6,296 apartment homes.
About
Behringer Harvard
Behringer Harvard creates
and manages global institutional-quality investment programs for individual and
institutional investors through its real estate investment trusts, joint
ventures and proprietary program structures. The company also offers strategic
advisory, asset management and capital market solutions. Behringer Harvard has
interests in or manages more than $10 billion in assets. For more information,
contact our U.S. headquarters toll-free at 866.655.3600 or our European
headquarters at 011 49 40 34 99 99 90, or visit us online at
behringerharvard.com.
This
release contains forward-looking statements relating to the business and
financial outlook of Behringer Harvard Multifamily REIT I, Inc. that 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. Such factors include those described in the Risk
Factors sections of the offering documents for the offering of shares of
Behringer Harvard Multifamily REIT I, Inc. 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 may 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.
Katie Myers
Richards Partners
katie_myers@richards.com
214.891.5842
Barbara Marler
Behringer
Harvard
bmarler@behringerharvard.com
469.341.2312
Jason Mattox
Chief
Administrative Officer
Behringer
Harvard
jmattox@behringerharvard.com
866.655.3600
# # #

EX - 99 . 1 2 a10 - 6623 _ 1ex99d1 . htm EX - 99 . 1 Exhibit 99 . 1 Behringer Harvard Acquires Luxury Mixed - Use Development in Washington , D . C . Metro Area DALLAS , March 19 , 2010 - Behringer Harvard announced today its acquisition of The Lofts at Park Crest , a luxury mixed - use development consisting of 131 apartment homes and a 66,600 - square - foot Harris Teeter Food Market . The Lofts at Park Crest is located on a 2.7 - acre site at 8210 Crestwood Heights Drive in the affluent Tysons Corner area of McLean , Virginia . Tysons Corner , which serves as the central business district of Fairfax County , is approximately midway between Washington , D . C . and Dulles Airport . " The Lofts at Park Crest is a high - quality apartment community that truly has no equal in the exclusive area of Tysons Corner " , said Mr . Mark T . Alfieri , Chief Operating Officer of Behringer Harvard Multifamily REIT I , Inc . " We believe this luxurious community with on - site retail will have long - term appeal for affluent professionals who appreciate fine living in close proximity to major employment centers and the nation 's capital " . Completed in 2008 , the stabilized , seven - story property in Tysons Corner features resort - style amenities . Residents have on - site access to a full - service Starbucks coffee shop and a Harris Teeter grocery store with pharmacy . Founded in 1960 , Harris Teeter had sales of more than $ 4 billion in 2009 and employs 21,000 associates at stores in North Carolina , South Carolina , Virginia , Georgia , Tennessee , Maryland , Delaware , Florida , and the District of Columbia . Amenities for residents of The Lofts at Park Crest include 24 - hour concierge service at the front desk , a 3,000 - square - foot athletic club and a resort - class rooftop pool with sun terrace . The apartments feature one or two bedrooms and baths , 11 - foot ceilings with floor - to - ceiling windows , hardwood floors , spa - inspired showers and soaking tubs , gourmet kitchens with stainless - steel appliances , custom wood cabinetry and granite countertops , full - sized washers and dryers and private terraces and balconies . Tysons Corner is the largest employment center in Virginia and its per - capita income exceeds the Virginia average by approximately one - third . Located 14 miles east of Dulles Airport , Tysons Corner boasts 26 million square feet of office space and the largest concentration of office properties in northern Virginia . One of the best shopping experiences on the East Coast is provided by more than three million square feet of retail space , including the upscale Tysons Galleria and Tysons Corner Center , the eleventh - largest shopping mall in America . Tysons Corner also offers convenient access to the Capital Beltway , Interstate 66 and the Dulles Access Road . A $ 4 billion , 24 - mile extension of Metrorail 's new Silver Line is expected to extend through Tysons Corner by 2012 , enhancing the convenience of commuting within the region . Including this most recent investment , the portfolio of Behringer Harvard Multifamily REIT I , Inc . includes investments in 23 multifamily communities in 11 states providing a total of 6,296 apartment homes . About Behringer Harvard Behringer Harvard creates and manages global institutional - quality investment programs for individual and institutional investors through its real estate investment trusts , joint ventures and proprietary program structures . The company also offers strategic advisory , asset management and capital market solutions . Behringer Harvard has interests in or manages more than $ 10 billion in assets . For more information , contact our U . S . headquarters toll - free at 866 . 655 . 3600 or our European headquarters at 011 49 40 34 99 99 90 , or visit us online at behringerharvard.com . This release contains forward - looking statements relating to the business and financial outlook of Behringer Harvard Multifamily REIT I , Inc . that 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 . Such factors include those described in the Risk Factors sections of the offering documents for the offering of shares of Behringer Harvard Multifamily REIT I , Inc . 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 may 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 . Katie Myers Richards Partners katie_myers@richards.com 214 . 891 . 5842 Barbara Marler Behringer Harvard bmarler@behringerharvard.com 469 . 341 . 2312 Jason Mattox Chief Administrative Officer Behringer Harvard jmattox@behringerharvard.com 866 . 655 . 3600 # # #