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Behringer Harvard to invest in DC-area apartments

The Dallas-based firm is developing a multi-family residential project in Fairfax County, Virginia, which hopes to take advantage of its strategic proximity to Washington.

Texas-based real estate investor Behringer Harvard is working with Brookfield Real Estate Opportunity Fund and Virginia developer Fairfield Residential on the development of four apartment buildings in Fairfax County, Virginia. The financial terms of the project were not disclosed. 

“Fairfax County is a large submarket that contains some of the most desirable residential communities in the Washington, DC metro area,” said Mark Alfieri, Behringer’s senior vice president of real estate, in a statement. Fairfax is also home to a large number of Washington-area technology companies, according to the firms.

The joint venture plans to build 414 luxury apartments in the space, which will be located at Bailey’s Crossroads in Fairfax County.

The development, when completed, will include four apartment buildings, as well as a club room and social area, fitness center, computer lab, business center, pub and media room. A swimming pool, cabana and deck area will also be included in the complex.
 
Based in Dallas, Behringer made its first property acquisitions in Europe early last year when it partnered with German investment firm HCI Capital to buy a 5-story office building near Schipol Airport outside Amsterdam.

In October 2006, Behringer joined with HCI on a $1.3-billion venture to invest in European real estate, with a regional focus on Germany, the Netherlands and the UK.