EX-99.1
2
a10-10224_1ex99d1.htm
EX-99.1
EXHIBIT 99.1
Behringer Harvard Acquires Fee Title to Luxury
Multifamily Community in Fort Myers, Florida
DALLAS, May 14,
2010
- Behringer
Harvard announced today its acquisition of the fee title to The Palms of
Monterrey, a 408-unit, resort-style multifamily community situated on a 28-acre
site in Fort Myers, which is on Florida's southwest coast in Lee
County, approximately 100 miles south of Tampa.
Behringer
Harvard originally invested in the senior mortgage debt on The Palms of
Monterrey in October 2009 via a joint venture between Behringer Harvard
Opportunity REIT II, Inc., which is a 90 percent partner, and a separate
partnership formed by DeBartolo Development and Christian Tyler Properties,
LLC, which is a 10 percent partner. The joint venture recently foreclosed on the
senior mortgage debt and purchased The Palms of Monterrey at the foreclosure
sale, thereby acquiring fee title to the property.
"The
previous owners of The Palms of Monterrey envisioned it as a condominium
community after their 2006 acquisition, but changing market conditions
interfered and the units were never sold", said Mr. Samuel A. Gillespie,
Chief Operating Officer of Behringer Harvard Opportunity REIT II, Inc. "Following
the recommitment to a rental strategy, The Palms of Monterrey has benefited
from strong demand and is now 98 percent leased. We are pleased to have this
attractive opportunity to now own a highly desirable and stabilized multifamily
community".
Constructed in 2001 at
15250 Sonoma Drive, the gated community consists of 17 three-story residential
buildings, a clubhouse with a business center, a fitness center with a
racquetball facility, a lighted tennis court, a playground, two heated pools
and a poolside hot tub. Units feature one, two or three bedrooms and range in
size from 1,008 to 1,496 square feet.
The Palms of Monterrey is
less than a mile from HealthPark Medical Center, an employment center that
includes a 270-bed acute care facility and the only comprehensive children's
health care center between Tampa and Miami. Residents also are only minutes
from Fort Myers Beach and the Sanibel and Captiva islands, as well as many
hospitality-industry employers.
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 Opportunity
REIT II, 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 Opportunity REIT II, 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
Barbara
Marler
Jason
Mattox
Richards
Partners
Behringer
Harvard
Chief
Administrative Officer
katie_myers@richards.com
bmarler@behringerharvard.com
Behringer
Harvard
214.891.5842
469.341.2312
jmattox@behringerharvard.com
866.655.3600

EX - 99 . 1 2 a10 - 10224 _ 1ex99d1 . htm EX - 99 . 1 EXHIBIT 99 . 1 Behringer Harvard Acquires Fee Title to Luxury Multifamily Community in Fort Myers , Florida DALLAS , May 14 , 2010 - Behringer Harvard announced today its acquisition of the fee title to The Palms of Monterrey , a 408 - unit , resort - style multifamily community situated on a 28 - acre site in Fort Myers , which is on Florida 's southwest coast in Lee County , approximately 100 miles south of Tampa . Behringer Harvard originally invested in the senior mortgage debt on The Palms of Monterrey in October 2009 via a joint venture between Behringer Harvard Opportunity REIT II , Inc . , which is a 90 percent partner , and a separate partnership formed by DeBartolo Development and Christian Tyler Properties , LLC , which is a 10 percent partner . The joint venture recently foreclosed on the senior mortgage debt and purchased The Palms of Monterrey at the foreclosure sale , thereby acquiring fee title to the property . " The previous owners of The Palms of Monterrey envisioned it as a condominium community after their 2006 acquisition , but changing market conditions interfered and the units were never sold " , said Mr . Samuel A . Gillespie , Chief Operating Officer of Behringer Harvard Opportunity REIT II , Inc . " Following the recommitment to a rental strategy , The Palms of Monterrey has benefited from strong demand and is now 98 percent leased . We are pleased to have this attractive opportunity to now own a highly desirable and stabilized multifamily community " . Constructed in 2001 at 15250 Sonoma Drive , the gated community consists of 17 three - story residential buildings , a clubhouse with a business center , a fitness center with a racquetball facility , a lighted tennis court , a playground , two heated pools and a poolside hot tub . Units feature one , two or three bedrooms and range in size from 1,008 to 1,496 square feet . The Palms of Monterrey is less than a mile from HealthPark Medical Center , an employment center that includes a 270 - bed acute care facility and the only comprehensive children 's health care center between Tampa and Miami . Residents also are only minutes from Fort Myers Beach and the Sanibel and Captiva islands , as well as many hospitality - industry employers . 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 Opportunity REIT II , 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 Opportunity REIT II , 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 Barbara Marler Jason Mattox Richards Partners Behringer Harvard Chief Administrative Officer katie_myers@richards.com bmarler@behringerharvard.com Behringer Harvard 214 . 891 . 5842 469 . 341 . 2312 jmattox@behringerharvard.com 866 . 655 . 3600